When Is the Best Time to Buy a Home?

Every Season Can Be Homebuying Season

People often think of spring and summer as homebuying season. But there are advantages to buying a home in the fall and winter, too.

When you want the best price on a new home, buying in the fall and winter can be a good choice. That’s because sellers can be more motivated to make a deal, particularly when they’ve listed their house in the spring, and it still hasn’t sold.

Homeowners can also be motivated to close sales during the fall, because they want the deal completed before the holidays begin. They might also want to realize a tax gain or loss during the current year, which means they need to close before December 31.

The return of bad weather in colder parts of the country can be an incentive. Plus, you’ll face less competition from other buyers who are out of the market because of the school year or other reasons.

The major disadvantage of buying in the fall is that there are often fewer homes on the market for you to buy.

The winter is like the fall—but more so. Fewer houses can be for sale during the winter, but even fewer buyers will bid on them, which means sellers may be even more ready to cut a deal.

Buying a House in the Spring and Summer

Spring and summer are prime homebuying seasons, and it’s easy to understand why. Better weather in many parts of the country makes it easier to visit homes for sale and simpler to move. Families with school-age children often like to move during the summer so they don’t disrupt their kids’ educations.

Plus, many sellers like having their houses on the market in the summer, since properties typically show better when the weather is good. This means that homebuyers often have many choices.

However, the upside of the spring and summer housing market comes with downsides. One major downside of buying a house in the summer is that you are likely to pay more for a house that you want. There are usually more houses for sale during the warmer months, but there are also more homebuyers bidding on them.

Plus, sellers are often less willing to negotiate on price or make other concessions to sell their houses, because they think other buyers will agree to their terms.

Want Less Competition? Buy a House During the Holidays

Real estate professionals say the holiday season is a great time to make offers on houses. That’s because most buyers are taking time off from house hunting, which leaves the door open for you. If you catch a seller at the right time with a fair price and no other bids on the table, they might just say yes.

Local Housing Markets Matter, Too

The housing market in the community where you want to buy can make a huge difference. If there are a lot of houses for sale, it can be a great time to buy. You might have many choices, plus bargaining power on price. If there are few houses for sale and the demand is high, you might want to wait.

When Is the Best Time to Buy a House? Whenever You Are Ready

Really, the best time to buy a house is whenever you can afford it and are ready to own a home. For a quick estimate of how much house you might be able to buy, check out our mortgage affordability calculator. It can help you understand the price of homes you may be able to afford, as well as the monthly mortgage payments that come with them.

Freedom Mortgage is not a financial advisor. The ideas outlined above are for informational purposes only, are not intended as investment or financial advice, and should not be construed as such.

Last reviewed and updated July 2024 by Freedom Mortgage.