Each season has its advantages and disadvantages — it all depends on what your main goal is when it comes to your real estate search. Spring is generally viewed as the best time of the year to buy a house if you want to choose from a large inventory. Homes also tend to present better in the warmer months – plants are in bloom, and lawns are green, so this is a popular time for sellers to put their houses on the market. You'll see plenty of new listings throughout the springtime. Spring is also the busiest time to search for a home, so be prepared for some friendly competition and the potential for a bidding war.
Late summer to early fall is also considered one of the best times of the year to buy a house because the competition levels cool down following the busy spring and early summer months. Fewer families shop for a house around this time of year as well — they prefer to close on a house earlier to avoid disrupting the school year.
However, if you're looking for a bargain, you're likely to find the lowest prices in the winter. There are fewer buyers over the winter months, so many sellers take their homes off the market for the season with the plan to start fresh in the spring. Sellers who keep their listing up through winter are often looking to sell quickly, increasing your chance of purchasing a house below the asking price. Note that the seasonal differences in the real estate market may vary depending on where you live.
FAQs
The best time to buy a house depends on what you're looking for. You'll find the best inventory of houses in spring. If you're after a bargain, consider searching for a house in late autumn or winter. Inventory is lower, but you have a higher likelihood of getting a house below the asking price.
What month is the cheapest to buy a house? ›
Buy in November for a better price
The window between late fall and early winter is the best time for buyers on a budget. Keep in mind, fewer homes are for sale in the cold winter months and around the busy holiday season, so the selection of for-sale homes will be limited.
Is 2024 a good time to buy a house? ›
Mortgage rates are expected to come down in 2024, and inventory and home sales are likely to increase. Homebuyers and sellers can also expect prices to continue to rise, albeit at a slower clip than the past couple of years.
How do you know when is a good time to buy a house? ›
The months from March to June are the best time to buy a house in California. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.
What is the best day of the week to drop the price on a house? ›
The best day of the week to reduce the price of a house can vary depending on various factors, including market conditions, buyer behavior, and local trends. However, Thursdays are often considered the best day to reduce the price of a house.
What time of year are house prices lowest? ›
Winter is traditionally the slowest season for home sales and, as a result, it's the cheapest time to buy a home. There's usually less competition between buyers and sellers may be more willing to negotiate to make a sale since buyer interest is lower than it is in the spring.
What is the most expensive month to buy a house? ›
Generally speaking, late spring and summer are the peak real estate season, when there's the most inventory to choose from — but also the most competition, and the highest prices. If affordability is a concern, you're likely to score a better deal during the winter months.
How low will mortgage rates go in 2024? ›
Mortgage rate predictions 2024
The MBA's forecast suggests that 30-year mortgage rates will fall into the 6.5% to 6.9% range throughout the rest of 2024, and NAR is predicting a similar trajectory. But Fannie Mae thinks rates could stay in the low 7% range this year.
Should I buy a house now or wait for a recession? ›
If your credit score is strong, your employment is stable and you have enough savings to cover a down payment and closing costs, buying now might still be smart. If your personal finances are not ideal at the moment, or if home values in your area are on the decline, it might be better to wait.
Is the housing market going to recession in 2024? ›
Experts overwhelmingly say that the housing market isn't going to crash anytime soon. The last housing crash helped cause today's lack of supply, which is what's keeping prices from falling. Mortgage rates, however, are expected to fall this year. This will help make homeownership more affordable.
Most first-time homebuyers make a purchase when they are 35. Buying a house at a young age can mean building equity young and getting a home paid off sooner. Purchasing a house in your 20s or earlier can also mean you feel trapped, unable to move at a moment's notice.
How many times should you look at a house before buying? ›
How many times to look at a house before buying? Ideally, four to six viewings should be sufficient.
What is the latest age to buy a house? ›
Is there an age limit on buying a house? There is no upper age limit on buying a house, but should you need to borrow, the terms of your mortgage will need to consider your personal and financial circ*mstances and are subject to differing criteria.
How much do sellers usually come down on a house? ›
The amount you may want to reduce your home's asking price depends on many factors, including the median price in your area, what comparable homes nearby are selling for and the length of time the home has been on the market. According to a Zillow study, the average price cut is 2.9 percent of the list price.
How do you negotiate down an overpriced house? ›
To negotiate the best price when buying a house, first research comparable sales to support your offer. Submit an reasonable to offer below asking price, detailing desired repairs and terms. If rejected, re-strategize; don't counter immediately. Increase earnest money to show seriousness.
Can you offer 20k less on a house? ›
Also, you can offer 20k less on a property when the house has been sitting in listings for several months. Generally, homes with one significant defect can be priced way lower than its advertised market value.
What months are home prices the highest? ›
Summer (best selection)
However, summer is often cited as the most expensive time to buy a house — with prices as much as 16% higher in June as compared to winter months. This is partly because many families want to purchase a house before their children start a new school year.
What are the slowest months for the housing market? ›
Fall and winter are the worst seasons to sell
The decline in seller premiums typically begins in September, when the average premium drops to 8 percent — significantly less than the peak in May. By then, many buyers with school-aged kids have likely found a home, so the sharp drop is no surprise.
What month is best to list a house for sale? ›
Nationally, the best time to sell a house is March if you're trying to sell quickly, while the best time to maximize profit is July. Zillow recommends listing your home for sale in March, but no later than Labor Day, based on historical market trends.
