Youāve probably heard that spring and summer are the best seasons for home buying. After all, thereās more inventory on the market, and the warm weather is ideal for showings. However, the ongoing global health crisis has shattered the idea of the āpeak home buying seasonā and left many Raleigh buyers wondering if now is still the right time to make a move.
The Merits (and Downsides) of Buying a Home During Each Season
Most real estate markets fluctuate from month to month, as do prices and inventory. Before you decide when to buy, itās important to weigh the pros and cons of each season and ask a local agent about trends in your area. Here are a few benefits of buying during every seasonā¦as well as a few drawbacks.
Spring: Gorgeous homes, but higher prices
Traditionally, spring is one of the hottest seasons for home buying, and itās easy to see why. As temperatures thaw out in March, April, and May, the number of new listings seems to multiply every day. Homes also tend to look their best during springāafter all, who doesnāt love blossoming flowers or lush landscaping after a long winter?
Although youāll have more inventory to choose from during these warmer months, you wonāt be the only one searching for a home. Spring buyers usually have to face more competition, which can result in inflated prices and bidding wars. If youāre getting ready to buy during spring, be prepared to make a quick offer and donāt expect many concessions from sellers.
Summer: Lots of listings, but more competition
Summer is another extremely popular home buying season, especially for households with children. Many sellers also decide to list during June, July, or August, which means youāll benefit from an even broader selection of houses. To top it all off, you can even schedule evening showings as the days get longer.
Unfortunately, summer home buying often comes with problems similar to spring: tons of buyers, higher prices, more bidding wars, and less time to make a decision. And if you wait until July or August, you could actually see a dip in inventory as sellers go on vacation!
Fall: Motivated sellers, but inventory could dwindle
Thereās so much to love about autumn: the falling leaves, the cooler temperaturesā¦and the fantastic home prices. Fall is easily one of the most underrated times to buy a house, since you can take advantage of strong inventory, less competition, and lower prices. Many sellers will also be more motivated to make a deal, particularly if they werenāt able to attract buyers during the summer.
As you plan your autumnal move, itās crucial to time it just right. Itās not uncommon to see a slight dip in inventory at the beginning of a new school year, which is usually around late August or early September. If you wait until late October or November, sellers might also start pulling their homes from the market due to the impending holidays.
Winter: Less competition, but fewer choices
Historically, winter is the slowest season for real estateābut that shouldnāt deter you from starting your home search in December, January, or February. The most obvious benefit of winter buying is decreased competition, which often leads to some of the lowest prices of the year. Real estate agents will also have fewer clients during the colder months, so they can spend much more time helping you.
Of course, buying in the middle of winter also comes with some challenges. It can be difficult to plan a closing around everyoneās schedules during the busy holiday season. Diminished inventory also means there are fewer listings to choose from, so your search may take a bit longer than expected.
Need Help Planning Your Move?
Whether you choose to move in spring, summer, fall, or winter, you can trust us to help you navigate every aspect of the buying process! Contact Linda Craft & Team today at 919-235-0007 and let us put our 350+ years of combined experience to work for you.