Perhaps you’re one of those people who are wondering what month or season when house prices are at their lowest. Many homebuyers want to know the right timing, and there’s nothing wrong about it. Seasonality can roughly impact purchase price and inventory, but you must also consider your personal needs and the market conditions in general. 

To help you in your home-buying journey, you need to understand some trends in the housing market. It can also help to know the upsides and downsides of buying a house at different seasons of the year. 

Winter Season Home Purchase

House prices are commonly at their cheapest in winter. Some sellers have the reason to lower prices because not many people want to buy homes during this time of the year. They may even add some improvements to attract buyers. Real estate agents are also willing to negotiate commissions and closings, which may add to your savings. 

The disadvantage when buying a house during winter is the lack of inventory. From Thanksgiving to the Christmas Season, many sellers suspend their listings. While homes are affordable during this time, you need to make do with the limited options of houses for sale in the market. 

Another downside is going to open houses in unpleasant weather. It may be difficult for you to see the condition of the property since it may be covered in snow. It’s your call whether to purchase a house during winter, but weigh the pros and cons before buying one.

Buying a Home in the Spring

Spring is the time of the year when the nice weather begins and the academic year ends. This season attracts sellers to list their properties and buyers to go out to hunt for houses, making the real estate market more alive. 

The demand for houses peaks in spring because of the inactivity of the previous season. Properties also show better at this time of the year because of the vibrant spring sunlight and aesthetically appealing front yards lined with blooming flora. 

While there’s a broad selection of listings, the house prices and competition are high in spring. It’s more likely that you’ll encounter bidding wars for hot properties. The challenge can either be an exciting or exasperating experience, depending on your attitude. That’s why you should prepare yourself when buying a house in spring. 

House Hunting in Summer

The real estate market is still bustling in summer, but there are great deals you can find with due diligence and effort. Be ready with your best price offer, and make sure to impress the seller that you’re a serious buyer. 

You’ll still encounter many eager buyers in the first part of the season. Choose a location where there’s less competition. Yes, there are chances that, in some places, the market competition is not that busy. So, you can run a localized market analysis in a certain area/s to find out where to hunt for houses. 

It’s also wise to wait until early or late August, when the market starts to slow down and home sellers lower the prices. Don’t dismiss properties that have been sitting for long since the previous or present season because you might find a great deal among them. 

Home Purchase in the Fall

The real estate market in the fall season is pretty like in winter. Inventory starts to get fewer and fewer, but the prices are getting lower and lower. Sellers are also determined to close a deal quickly because winter is coming, and you won’t find much competition because many home buyers sit it out until the next spring. 

Go out and visit open houses around October because, during this time, sellers are scrambling to make a sale. Make sure to hone your negotiation skills to get a significant amount of savings in your home purchase. 

Other Forces Affecting the Housing Market

While you can look for patterns in the seasons, there are other factors that can affect the housing market and your home purchase in general. Example of this is when the Fed lowers its interest rate due to economic challenges, the mortgage rates also drop. A lower mortgage rate can give you huge savings when buying a house, even when the purchase price is high.

Whatever the season, if a particular location is a “hot” neighborhood or city, the prices tend to be higher. So, make sure to check the location when you’re hunting. 

Takeaway

Fall and winter are the best seasons to look for affordable home prices, but inventory tends to be fewer at this time of the year. In summer, especially in August, you can find good deals and negotiate with sellers for a lower price. 

Moreover, check for other market factors that affect home prices and be ready with your credit score to ensure that you can get savings with your home purchase.