Monday 5th August 2019
Just like a farmer’s crops, the time of year you choose to buy a home significantly affects price and supply. As a result, it is important to take into account the seasons when looking for a new home.
The good thing about buying a house in spring is that there will be many properties to view at this time. Many sellers will get their homes ready for the market in spring which results in a spike in new home listings. Unfortunately, as a buyer you will face higher competition as more people come out to look at houses when the cold winter has passed. The higher level of competition will mean that you can expect to pay more for a house in spring than in the chillier seasons.
Just like spring, you can expect to pay a little more for your dream home in summer. There will also be more properties for you to look at. Homes will look their best in warm, sunny weather, so try to keep that in mind when you head out to view them. A unique aspect of buying a house in summer is that many sellers will be looking to sell their house before the new year and school holidays. As a result, it could be possible to get a better deal on a home in December than in September/October as sellers are more open to negotiation.
As the months grow colder, so too does the supply of property listings. Fewer houses will be on sale during autumn which means buyers will have fewer houses to choose from. On the plus side, there is also less competition during these months, which should result is slightly lower prices.
When the weather is at its coldest, you can expect to see fewer houses for sale on the market. However, you can also expect to see significantly fewer buyers around looking at homes. Winter is when competition is at its lowest so house prices will more than likely also be at their lowest. This makes winter the best time to buy if you are aiming for a good deal on a house.
Now that you know the impact the time of the year can have on buying a house you can use it to plan your house hunt. While you shouldn’t move your life around to match the seasons, it is useful as a home buyer to keep them in mind when formulating your purchase strategy.
Regardless of when you want to buy, ensuring you have the right finance is crucial. Speak to us today about getting the ideal loan for your situation.