June 12, 2023
When is the best time of year to search for your new home? Spring and summer are the most comfortable times to look, but those who put up with a little inconvenience from the cold and late-year inclement weather may save more than they realized thanks to a more eager seller.
It always pays to look for a home when the buying season is in full swing, but you may have more options than you think by extending your house hunt into fall and winter if necessary.
Buying A House During House Hunting Season (Spring and Summer)
Yes, the weather is better, potential buyers can take a leisurely look around the property, and the overall experience may be more pleasant.
But there is more competition for homes in the good weather months, buyers may be willing to try to outbid you, and you may find a seller less willing to negotiate on the price of the home or seller concessions when there are multiple offers on the table.
Buying In The Fall
At the end of the summer, if a home seller hasn’t gotten the right offer, they might assume the market is beginning to dry up for the year and consider taking the property off the market.
But not sellers, and not all house hunters give up once fall season hits; this is a time you may find sellers more willing to discuss closing cost concessions, lower prices, and other options.
If you are considering a late-season or fall-weather purchase, consider asking the seller if the house will be on the market in December; this may give you some leverage when it’s time to talk prices, especially if the seller already knows they won’t keep the house on the market over the holidays.
Buying A Home In Winter
As mentioned previously, some sellers delist their houses during the coldest months of the year.
There may not be as many open houses, the home inspection may be complicated by snow or other issues, and there may be other seasonally-related hassles like high winds, treacherous roads, etc.
Benefits aside from the seller potentially being more flexible? You may find it easier to schedule mortgage-related services like pest inspections, home inspections, compliance inspections, and even appraisals with less demand in the winter months.
Is this process from start to finish faster in the winter? Maybe not the entire thing, but some aspects of it do get accomplished more quickly thanks to a sheer lack of volume.
Sellers may offer more in the wintertime they wouldn’t consider offering in the summer when there are competing buyers who might try to outbid one another.
It always pays to think ahead. In winter, how many others might be trying to buy the property you want? House hunting in the coldest months may the the key to a more relaxed version of the experience.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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