When is the right time of year to buy a home?
If you’ve pondered this question, chances are that you are serious about buying and getting your foot on the ladder. Research has shown that the seasons and the weather they bring have a definite impact on the housing market. Some seasons may benefit sellers and others buyers, so let’s explore the pros and cons of each for house hunting.
As summer fades into memory and we head into the cooler months of April and May, buyers may find better bargains in the housing market.
After the summer, which brings a frenetic market and months of open homes, buyers have a higher possibility of being left with lower prices in a less competitive environment. Potential to negotiate a better deal is on the cards as owners grow impatient to sell after an entire summer on the market. By autumn you could’ve taken advantage of the long Christmas holidays and given yourself more time to research the market and make well informed buying decisions during the colder months. The downside of looking to buy in autumn is that there are inevitably less listings and therefore a lower chance of finding your dream home.
Deep into the chill of the winter months buyers may find their bargaining power is much stronger, as the cold will keep all but the heartiest house hunters at bay. Although this leaves you with less competition, those who do brave the conditions will generally be more serious buyers, in contrast to the hordes who flock viewings in summer as a matter of sport.
Winter is the true test of a home’s quality and buyers can get a more accurate gauge both on the operational costs and how the house performs under harsher conditions without being dazzled by the beautifying effects of summer.
As temperatures begin to rise and plants begin to grow, so too the housing market comes to life after its winter hibernation!
These months see the highest numbers of listings on the market and more properties sold than any other season. With so many listings in a saturated market, your chances of encountering your dream home are greatly increased. However, viewing numbers at open homes rise dramatically and the demand in this competitive season could well drive up the price of your dream house! There will be opportunities galore but be wary of getting into bidding wars and spending far more than you had intended.
The endless days and warm temperatures provide the perfect backdrop for staging a home, making summer the perfect season for sellers. But buyers beware!
Open homes will deliberately be scheduled to present the house during its most picturesque time of day, when rooms are saturated with evening light, and gardens are vibrant with life. These illuminating effects may enchant you, but such charms can mask hidden costs of owning such houses and you’ll want to investigate thoroughly how the house performs in winter. Like spring, competition will be high, but more listings mean you’ll have increased chances of finding your dream home and some time off work during the summer break will allow you to clearly think through your decision.