Best time of year to buy a home

Commitment to our readers

The GOBankingRates editorial team is committed to providing you with unbiased reviews and information. We use data-driven methods to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our review methodology for products and services.

20 years
help you get rich

trusted by
millions of readers

Real estate agents and mortgage lenders often have strong opinions about the best time of year to buy a home and how much time can affect prices. The housing market in general, although sometimes volatile, has a certain predictability that can help buyers determine the right time to begin their real estate search.

When it comes to buying a home, there’s more than just saving for a down payment. In addition to closing costs, property taxes and mortgage interest rates, you should also consider how the weather may affect the search for a home.

Determining the Best Time to Buy a Home

In the housing market, supply and demand are always paramount, but the quietest time of year is from mid-autumn to mid-winter, with a lower percentage of homes being sold in the winter months than in the spring, which is typically the prime time to buy.

Here are some highlights:

• Since winter is the slowest time for home sales, this usually means it is one of the cheapest times to buy a home.
• This also means that there are usually fewer buyers and less chance of competition or bidding wars.
• Because the volume of bids is low, sellers may be more willing to negotiate the price tag or closing costs.

As explained below, each season of buying has its own advantages and disadvantages that can affect your home buying experience.

Pros and cons of market conditions in each season

Timing is important, but there’s no way to avoid the fact that people have to move throughout the year, whether it’s winter, spring, summer or fall. If you’re timing your move around your children’s school year, or if you need to change your location for work, you should think about ways to When? This step of yours can affect your real estate journey.

Winter: You can become a cold negotiator

Because the cooler months of December through February often have less inventory, winter may offer the best deals. For example, moving to the Midwest you may find more willing negotiators in the winter, as sellers there perform better in the spring and summer when their homes have more curb appeal.

On the other hand, unlike the rest of the country, the winter months are a good time to buy a home on the West Coast and the South due to the nice weather. So yes, this means that sellers may be highly motivated to make a deal with you if they are short on time.

Keep in mind, buyers who want to get a deal in the winter should keep their eyes open for potential problems with a home that hasn’t been properly winterized. Here are some other freezing advantages and disadvantages to consider.

Pros

• More scope for price negotiation
• Less chance of bidding wars or competition from other buyers
• Overall good potential for higher savings

Shortcoming

• Fewer houses on the market means less inventory to read
• Cold weather can make walking challenging
• Not the ideal time of the school year to move your kids

Spring: Housing Market Cleanup

When spring is here, so is the busy season in real estate. For example, if you’re home shopping on the East Coast, Zillow reports that more homes are listed for sale between April and June than any other time of year. Since there are more properties to choose from, the best ones will go faster, and they will often go for higher prices as multiple bidders drive up demand as well as costs.

So, you’ll have plenty of inventory to choose from, but some of your favorite picks may be out of your price range due to competition from other home buyers. Double-check these pros and cons before cleaning out your closet for a spring move.

Pros

• No shortage of inventory selection
• Nice weather can help you look at more places to look for a home
• Optimal curb appeal for gardens and yards
• If you have school going children then it is a good time to relocate

Shortcoming

• High competition from other buyers can lead to bidding wars and make housing prices more expensive
• Less scope for negotiation due to demand
• Due to demand the prices also start increasing

Heat: Home sales can’t always stand the heat

Depending on where you’re going, the scorching heat may hinder indoor hunting. This is especially true if you’re looking to head south or south-west. However, if you are taking your time not to disrupt your children’s school year then this may be an ideal time to move. Here are some advantages and disadvantages that can tell you if you are overheating, when is the best time to run.

Pros

• This will not disrupt the school year for your children, as they can enroll in a new school at the beginning of the next school year, so they will not fall behind.
• Outdoor features like pools and patios are the most attractive
• As summer progresses, sellers may be more motivated if they are also trying to optimize a move based on the school year.

Shortcoming

• Hot, humid and sticky weather makes house hunting uncomfortable and can make both buyers and sellers irritable when it comes to negotiations
• There will be the most competition from heavy spring buyer traffic in early summer.
• High utility costs are more apparent when viewing

Decline: Down payment may decrease

Late September to October can be a prime time to buy a home. Even in November, before the holiday season gets into full swing, there can be great opportunities to buy a home. For example, sellers who listed in the spring but did not sell in the warm summer months may be more motivated to negotiate transferring the property by the end of the year, as demand and competition from other buyers typically decreases toward winter.

Here are some autumn pros and cons before you buy:

Pros

• The year-end time crunch may drive away motivated sellers who have been in the market for a long time.
• Less competition from other buyers gives you more scope for price negotiation
• The weather is still pleasant to visit before the holiday season starts in full swing

Shortcoming

• Shorter list than spring for home buying
• Sellers may choose to wait until spring rather than lower prices to account for winter housing market conditions

final take to go

The best time for you to buy a home may depend on bigger factors than the season or region, but if you have less space in your timeline, the late autumn and winter months tend to have the best deals overall. Although there may be less inventory, there is also less competition which is driving prices up because fewer people are purchasing homes.

This also means that if coming in under budget is your ultimate goal, you’ll have the best chance of negotiating a better deal during this time, as demand typically falls, leaving many sellers highly motivated. Keep in mind that realtors and mortgage brokers are paid on commission, so they will typically bend over backwards to make a deal during their slow seasons.

Morgan Quinn and Andrew Lisa contributed reporting to this article.