If you are in the market to buy a new home and were wondering which time of year is best to do so, read further as we have some interesting facts about property purchasing for you!
Traditionally, the period between October and December (fall into winter) has always been the best time to search for a new house. Research has shown that during this period, the country’s starter home inventory increases by around 7%. Additionally, in the majority of the US’s large cities, the amount of starter homes peaks. This, therefore, makes the October to December period the best time to buy if you are looking for a first-time home.
A starter home is normally defined as a listing price below $230,000 and this has been calculated on weighted averages from over 100 of the country’s largest cities. An example of this is during the third quarter of 2017 which saw starter home prices averaging at $171,624.
If you are not interested in a starter home, a trade-up home may be best for you. These homes are categorized with a listing price ranging from around $232,000 to $360,000. Anything above this price bracket would be considered as a premium home.
The fall to early winter period is definitely the best time to buy because home availability usually decreases between July and September. This is due to the fact that trade-up and premium home stock is at its peak.
Summer home inventory can, in fact, drop by as much as 20%, driving house prices up and making it more difficult for young folks to purchase a property.
Finally, if you would like to obtain the very best property deal possible, wait until after the holidays and have a look in January as this is when house prices are at an annual low!
Regardless of the time of year, if you are ready to begin the house hunting journey…
Give us a call at 205-285-8888!