When is the best time of the year to buy a home?
There are pros and cons to buying during both the hot market spring and summer months and the cooler market fall and winter months.
In the spring and summer, inventory goes up, which means more options...but so does the number of active house hunters, which means more competition, potentially higher prices, and fewer days homes stay on the market. You may have to act quickly if you want a home, and you may end up in some multiple offer situations.
In the fall and winter, inventory goes down, so there are fewer options out there, but there are also less potential home buyers. The average number of days on market goes up, which may give you some leverage to negotiate a lower price or inspection terms if you find the right home.
Ultimately, the best time of the year to buy a home is when it makes sense for your family! Is it important for you to be settled into a new home before a baby arrives? Is it most convenient to not disrupt kids with a move during the school year? Do you need to save a little more money up after an expensive holiday season?
There is always new and changing inventory, so the best time of the year to go house hunting is the time that works best for your personal situation!