Power Tips

The Seasonal Guide to Buying a House

The perks and disadvantages of buying a house in different seasons

When it comes to buying a home, all seasons are not created equal.

Different months on the calendar have advantages and disadvantages, depending on your house buying priorities.

Whether you’re willing to pay whatever it takes to get your dream home, or shopping for a bargain starter house, there are specific times of year when you should be looking to buy.

Spring has the most choice – and competition!
If your priority is to get exactly what you want – for example, if your family wants to live in a specific school district – spring is the ideal time to shop for a home.
But you have to be willing to pay a premium to get your dream home – spring is also the time of the highest demand among homebuyers.
In April 2016, 26.4% of all U.S. home sales went for over the asking price! (This was the highest percentage for any month that year.)1
Spring sees the highest number of homes listed on the market, so there are a lot of choices.

Summer is when prices start to go down
Waiting until later in the summer to buy your home means you may have fewer choices.
But the homes still on the market will likely be dropping their prices to attract a sale
In 2017, August had the highest percentage of listings with reduced prices. 15.9% of all homes for sale were offered at a lower price. 1
Demand also decreases during the hotter months.

Fall is when the bargains start
By fall, anyone with a house that’s still on the market is probably eager to sell.
In October 2017, the median closing sale price for a house in the U.S.A. was $220,000, which was $19,000 less than the $239,000 median sale price six months later in April 2018. 2
People are eager to sell so you get great bargains!

Winter The Season for Rock Bottom Prices
By the time January rolls around, highly-motivated sellers may be more willing to take whatever they can get.
The median closing price for a U.S. home in January 2017 was the lowest for any month that year at $216,000.
Low demand creates low prices in this season!

Sources:

https://www.zillow.com/home-values/

https://www.zillow.com/research/strategy-best-time-to-buy-15066/

https://www.zillow.com/research/data/

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