When is the best time to purchase a home?

Asked by Mercedes, 07032 Thu Aug 30, 2007

Is there a beneficial time of the year to buy a home for a buyer?

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
Deborah Madey, Agent, Brick, NJ
Thu Aug 30, 2007
When prices are negotiable, sellers are motivated, interest rates are low and it fits your lifestyle needs and your financial needs.

While it is a buyers market out there, for the would be buyer who is unsure about job or financial security, it would be unwise to take the plunge.

Offerings can be wider in spring, but seller motivation level is often higher in the fall. In the fall, sellers let go of the hope that next week will bring a new crop of buyers. Some sellers will simply go off the market, if they don't get the contract they want. Others will adjust price or become more flexible in the fall, realizing the height of activity brought them no contract.
3 votes
Paul Renton &…, , Atlanta, GA
Fri Aug 31, 2007
Mercedes,

Now !!is the bet time to buy. Especially as new lending laws in the new year could demand as much as 5% down minimum. Emplloy a top producing agent and see what is avilable in your price range in the area you want to live. But there are more pluses to homeownership than there are minuses.
Web Reference:  http://TeamRenton.com
1 vote
Marty Van Di…, Agent, Palmer, AK
Thu Aug 30, 2007
It depends on where you are. In Alaska, that would be mid-winter. At that time, only the most serious sellers have their homes on the market. The inventory is usually down, but the sellers are motivated.

In the spring you have the largest inventory, but some of the sellers are just feeling out the market.
1 vote
Paul Slaybau…, Agent, Scottsdale, AZ
Thu Aug 30, 2007
Competing schools of thought on this one. Some like to shop during an area's high season. In Phoenix, that would be the spring. That is when the most transactions occur in my particular market. Buyers who shop the high season expect to find more inventory from which to choose. The downside, though, is that there are more buyers in the market as well. Thus, there may be the same or even more competition for the best properties. I tend to like to shop when the buyers are fewer. Here, that is during the summer months as well as between Thanksgiving and Christmas. If you are in no rush and don't have to buy, you can find good values when sellers are not getting much traffic. Most importantly, though, it comes down to your own individual needs and goals. Further, many buyers will follow the trends in interest rates just as closely as the trends in housing activity when determining the right time to buy.
1 vote
Lee Taylor, Agent, Charleston, SC
Thu Aug 30, 2007
For me personally the best time to purchase is when the market has "turned" and prices are going up.
0 votes
Deborah Madey, Agent, Brick, NJ
Thu Aug 30, 2007
Hi all,
I know it isn't defined on this particular thread, but Mercedes has been looking in North Jersey, closer to the PA border. Perhaps Mercedes is considereing alternate areas also and for that reason did not define a geography on this thread. I answered based upon the Northwest NJ geography.
Deborah
0 votes
Jennifer Mon…, Agent, Charlotte, NC
Thu Aug 30, 2007
It depends on where you're located. Areas with hard winters will have fewer listings, but more motivated sellers - as Marty indicates. But overall, you tend to have a better chance at negotiating a more favorable price if you buy during the Fall or Winter.
Web Reference:  http://JennifersPdxHomes.com
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Zip Codes

Email me when…

Learn more