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
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.
When would it be a good time to buy a house? ›
What Are the Best Months to Buy a House in California? March to June are the best months to buy a house in California. During these months, low competition and competitive prices can get you a good deal on your future home.
Should I buy a house now or wait for a recession? ›
Waiting to buy a home during a recession has its benefits and risks. On the one hand, mortgage rates are likely to decrease. Home prices would also likely soften due to fewer eligible buyers and less competition. These factors would lead to more available supply.
What age is the best to buy a house? ›
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 do you know when you should buy a home? ›
You may be ready if you have steady income, decent savings and you're ready to stay in one place for a while. Consider your willingness to handle (or pay for) home maintenance, landscaping and major repairs.
Which is the best month to buy property? ›
If getting the lowest price possible is your main priority, consider searching for a home in November or December. There won't be as many houses to choose from compared to the spring and summer months, but you'll face less competition and a higher likelihood of purchasing a home below the asking price.
What month is cheapest to buy houses? ›
Winter is usually the cheapest time of year to purchase a home. Sellers are often motivated, which automatically translates into an advantage to you. Most people suspend their listings from around Thanksgiving to the New Year because they assume buyers are scarce.
Will 2024 be a better time to buy a house? ›
Many prospective homebuyers chose to wait things out in 2023, in the hopes that 2024 would bring a more advantageous market. But so far, with mortgage interest rates still relatively high and housing inventory stubbornly low, it looks like 2024 will remain a challenging time to buy a house.
Are houses cheaper to buy during a recession? ›
This decreased demand means less competition for homes on the market, which in turn means sellers who are more open to lowering their prices. So buying during a recession, if you are financially able to, may get you a better deal.
Are we in a recession in 2024? ›
Economists predict another year of slow growth around the world in 2024. While the risk of a global recession is lower in the year ahead, two G7 economies dipped into recession at the end of 2023.
There's no right or wrong age to be a first-time buyer because the key principles of buying your first home don't change. However, if you're in your 30s, you may be looking for different things in your home than if you'd been looking to buy in your 20s.
Is 40 too late to buy a house? ›
Age doesn't matter. Counterintuitive as it may sound, your loan application for a mortgage to be repaid over 30 years looks the same to lenders whether you are 90 years old or 40.
Is buying a home really worth it? ›
Generally, if you intend to stay in a property for more than 2-5 years, it becomes more worth it to buy a house in California. Over this time, you will build equity and benefit from property appreciation. This point is often referred to as the 'breakeven horizon.
What time of year is hardest to buy a house? ›
On the other hand, the worst time of year to buy a house is during the spring season up to early summer, when housing inventory is high, driving the demand and home prices up. Aside from seasonality, other economic factors, such as mortgage rates, may also affect your ability to buy a home.
What is a good credit score to buy a house? ›
You'll typically need a credit score of 620 to finance a home purchase. However, some lenders may offer mortgage loans to borrowers with scores as low as 500. Whether you qualify for a specific loan type also depends on personal factors like your debt-to-income ratio (DTI), loan-to-value ratio (LTV) and income.
How much money should you have before buying a house? ›
A good number to shoot for when saving for a house is 25% of the sale price to cover your down payment, closing costs and moving expenses. (This amount is separate from saving up 3–6 months of your typical living expenses in a fully-funded emergency fund—which I recommend you do first, before saving up for a home.)
Is it harder to buy a house now than 30 years ago? ›
Home prices have doubled in the last decade, with much of that growth happening in just the last four years. By one measure, housing affordability has fallen to its lowest level since the 1980s. And high interest rates have exacerbated the problem, ballooning monthly mortgage payments.
Is it harder to buy a house now than in the Great Depression? ›
Conversation. The median annual pay during the Great Depression was 22% of the cost of an average home. Today, it's 14%. It's harder to buy a house today than it was during the Great Depression.
Will home interest rates drop? ›
But until the Fed sees evidence of slowing economic growth, interest rates will stay higher for longer. The 30-year fixed mortgage rate is expected to fall to the mid-6% range through the end of 2024, potentially dipping into high-5% territory by the end of 2025.
