Most people tend to move in the summertime, because the sun is shining and school is out. But does that mean summer is the best season to buy a house?
“There’s a good reason people move in the spring or summer, because of good weather,” said Dustin Brohm, a realtor in Salt Lake City. “But going against the grain may be wise, if you want to save money.”
If you’re looking to buy a home in the future, but want to wait for the perfect time, keep reading for more tips from Brohm and another expert real estate agent. They’ve helped lots of people move in totally different climates, so they’re advice will stay good all year long!
The Best Season to Buy a House May be the Offseason
While supply is high during the most desirable moving months, it’s also the time with the greatest demand, and highest prices. To save yourself some time and cash, Brohm suggests waiting to buy a home until after your prospective neighborhood’s moving season.
“I think it’s wise to not jump in when everyone else is jumping,” said Brohm. “The market will be more competitive, more stressful and you’ll probably pay more than asking because demand drives prices up like crazy.”
Consult a knowledgeable realtor in the area where you’re moving, so you know when the high and low seasons may be.
“In Salt Lake City, it’s incredibly competitive in the spring,” said Brohm. “Depending on your needs and goals, you want to buy in fall or winter when you don’t have 20 offers in 20 hours on a home to compete with.”
While winters may be harsh and deter movers where Brohm lives in Utah, the triple-digit summers are excruciating in Palm Springs, Calif. and keeps prospective buyers in their air-conditioned homes where David Burke sells homes.
“On a national level, the busiest time to move is the spring and summer, but in Southern California it really depends on economics and what’s trending,” he said.
It goes to show that the area truly does determine the moving season, and a local realtor can help guide you!
Check with a Lender about Interest Rates
For those who have the time, the best season to buy a house may be when the interest rates are the lowest, our experts say.
“For most regular people who are searching for the right home, interest rates could kill their buying power,” said Brohm. “Look at current interest rates and see how they’re trending. I pay attention to what the Federal Reserve doing, and it will say if it plans to raise interest rates.”
Find a lender in your area that you get to know and trust, and don’t be afraid to call and ask a lot of questions, said Burke.
“Having a good lender and realtor is key to buying the perfect home,” said Burke. “The downfall of the online brokerages and real estate companies is they don’t offer buyers the ability to work with them one-on-one.”
Moving Expenses May Be Lower During the Offseason
If you buy a home during your area’s slower season, you may also get a better deal on things like rental trucks and professional movers, said Brohm.
“Moving companies will charge more if they want to, because of supply and demand,” he said.“If you buck the trend and buy or move when you have less competition, I think that’s a good thing.”
You will find moving companies will have more availability on weekends during the offseason, as well. And you will have more wiggle room to pick the perfect time after work to move.
“Some people don’t have the option to move in the offseason, but I would recommend it if you do,” said Brohm.