It’s a question many people have in mind, what’s the right time of the year to buy a new house? Well, buying a home is probably one of the biggest investments most people make in their lives. Before buying a house, you need to ask yourself if you are ready. Some of the major issues to consider include whether or not you have a good credit score, do you have a house to sell?, and whether you have saved enough money for a down payment.
Once you are done with the basics and you’re ready to buy a house, it’s time to consider a few factors. Just like there are seasons to buy cars, coats and electronics at good prices, this is also true for homes. You need to have a basic understanding of the property market before making your move.
Typically, most people move in the spring and summer. This is the time of the year when inventory is up and there real estate market is flooded with different options for home buyers. With an increase in supply, so is demand. The number of buyers equally increases. It is at this point in time when sellers are optimistic about their sales prices.
As soon as the “for sale” signs are mounted on posts, real estate participants swarm the market with activity buzz. The streets are full with real estate agents, buyers and sellers as they crawl out from wherever they hibernated for winter. Offers fly through emails and cell phones constantly ring. Everybody wants to sell and everybody wants a good deal.
You want to avoid making a purchase during this period as sellers tend to hang tight to their sales prices. With more buyers in the market, there are multiple offers, sellers are more like price givers and up goes the sales price.
The time to hunt for some for the best deals is in the fall and winter. This is mainly because it is the period of the year when home sellers are a little more serious about selling. They are at terms with the real estate market condition and are relatively less optimistic about what they can get for their home. Inventory slightly goes down in the fall and winter but so do the buyers.
Having fewer buyers in the market is a good thing if you are buying. You have more bargaining power. Sellers are still willing to sell, and seeing the decreasing activity and reduction in the number of offers they are getting for their homes is depressing. It’s the best time to make an offer.
The perfect spot for getting the best deal is between Thanksgiving and New Year’s. It’s even better if you can buy a home on Christmas day. Here’s why, no one want to buy a house in the middle of the holiday season and it’s also the best time for real estate agents to take a vacation. Moreover, few buyers are looking for homes and home prices are at their lowest during the Christmas holiday season. Fee free to visit Jeremy James, we are Marylebone Estate agents (http://www.jeremy-james.co.uk/) for more information and assistance on real estate matters.