It comes as no surprise to anyone who has been paying attention to the housing market that this is a great time to buy in the macro sense...
- Interest rates are the lowest in history, enabling people to buy more house for the same monthly payment
- Prices are significantly lower than they were a few years ago, again enabling people to buy more house for their money
- Rental rates are rising and rental vacancies are low, meaning it can cost less to own than resnt
But RIGHT NOW can also be considered the best time to buy on a micro level...
The best time of the year to make an offer on a house is in the winter
- Fewer people are willing to go house hunting and make a move during cold, nasty weather so there is less competition
- Sellers tend to be more motivated in the winter
- Fewer buyers can make sellers more anxious to negotiate with a ready and willing buyer
- Holiday expenses and winter heating bills may make sellers feel more financially insecure and more ready to negotiate
- But fewer homes are on the market in the winter so it may be more difficult to find the right home
- However, if you find a home you like...
- Or your top priority is price...
- Winter is the best time to buy
Spring has the advantage of more homes on the market so you have a better selection
- But prices tend to rise in the spring along with competition
- More multiple offers occur in the spring, which can lead to frustration and possibly being priced out of the homes you love
If the homes you want all seem to be at the top of your price range... right now, this winter, may be the best time for you to buy
In spite of a better selection, spring and beyond may see you priced out of the home you want to buy because prices are expected to continue to rise. It may be better to compromise a little now to avoid compromising a lot later.
- How to Know if Buying a Home is Right for You
- What happens in multiple bid offers?
- I found a home I like at an open house... now what?
- Steps to owning your first home... can you afford to buy?