When is the best time to buy a home? While this is a relative question depending on your circumstance, I talk about seasonal and historical trends of the market and when the best time to buy a home is if you’re looking for the best deal.
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Hey guys, good afternoon. This is Jeb Smith, Coldwell Banker Residential Brokerage in Huntington Beach. Today I’m back talking about the best time to buy a house. This comes up a lot in talking to buyers that are just entering the housing market, even people that have owned a house for some time, maybe looking to sell, and just trying to find out when the best time to actually purchase a home is. Honestly, there’s not really a straight forward answer as you might imagine when asking that question.
The easy answer to it is that the best time to buy is when you find the right house. Clearly you’ve already been through the pre-approval process. So you have an idea of what your payments are going to be, and you’re comfortable with the price on that property. At the end of the day, it’s not really as much about being comfortable with the price of the property as it is being comfortable with the monthly payments of the property.
The easy answer is when it’s right for you, or when you find the perfect home. Right? But historically speaking, if we talk about just the market in general, the springtime is usually the best time of the year to list the house for sale. And that’s traditionally because there’s more buyers in that time of the market looking. If you look at it from a historical perspective and you look at trends, if you will. So the springtime is usually the best time to list a house for sale. Most of those houses go into escrow in April, May, and June, which means they close during, June, July, August. Then the best time to buy a house. again, it’s all relative. But the most number of transactions close during the summer. That is because a lot of them went into escrow during that April, May, June time frame that I mentioned earlier. So they’re closing during the summer. So the summer gets a lot of the credit for the best time to buy a house. But honestly speaking, if you look at the trends, the best time to buy is probably towards the end of the year, if the right property presents itself. And the reason for that is because you have less demand out there, less buyers looking traditionally. Then you also have people that if their home is on the market during the holiday season, during the holiday market, Thanksgiving, between Halloween and Christmas or the end of the year, those people are traditionally people that need to sell, that really wants to sell their home.
Otherwise, they wouldn’t have people coming in their house during that time of the year. So as a buyer, if you’ve been through the preapproval process, the right home presents itself during that time of the year, that’s a really good time to quote, unquote get a deal on a property. Because that’s traditionally when people are looking to … they want to close it by the end of the year. They’re looking to get out of that property.
If I were a buyer, and I had the opportunity to say purchase at anytime of the year, I would probably pick towards the latter part of the year for those reasons. But again, as I mentioned it’s relative. It really comes down to what’s causing you to move, why you’re looking to move, timeframes, etc. When the right house presents itself, you’re comfortable with the monthly payment, that is honestly the best time to buy. But if you’re a person looking for a deal, traditionally speaking, I would moved towards the latter part of the year for those reasons.
So I hope that’s helpful. If you do have questions about the process, you’re looking to buy or sell a property, feel free to reach out to me. Would love the opportunity to help. All real estate is local. So it may be different in different markets. This year may be a little bit different for our market as well because buyer demand is still pretty high. There’s not a lot of property on the market. Our inventory is somewhat stabilized, but it’s still lower than it has been.
So this year may be a little bit different. The market may not soften as much as we expect it to during this time of the year. But from a historical perspective, this is the best, well, not right now, but we’re moving into the best time of the year to buy a house and actually get a deal on it. So again, I appreciate you taking the time to watch. If you got this far, do me a favor, like the video. Comment on the video, subscribe to my channel. Would greatly appreciate it. We’ll talk again soon. Have a great day. Bye bye.
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Is NOW a Good Time to BUY or SELL? September 2019 Real Estate Market Report – https://youtu.be/nFSZaVURRjY
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