Whether you’re a first-time homebuyer or a seasoned investor, finding the best time to buy a house can be a hassle.
The real estate market crash to your personal financial goals are all major factors that heavily influence your home buying process.
Best Time to Buy a House:
- When is the Best Time to Buy a Home? Best months to buy a house are the months in the fall season. The inventory is still relatively full and negogiations are on the table.
- Lower Sale Prices in January 2023: The listed sales prices of the average median $385,000 is 1.0% lower than it was in December 2022.
- The Sales are Slower this Year: Homes were on the market for 48 days in January 2023, which is 12 days longer than 2022.
- Is it a Bad Time to Buy a House? With the home price has fallen a whole 4.5% in 2023, now is the best time to buy a house.
Is Now a Good Time to Buy a House?
In reality, there is no such thing as the “best time” to buy a house. It is difficult at any time, even in a buyer’s market.
The decision is heavily influenced by your budget and credit score. But you can even buy a house with bad credit so do more research on your options.
That being said, do not delay your home-buying decision. Mortgage rates are rising and are set to reach recorded levels in 2023. If you have the required money, buy now!
What are the Best Months to Buy a House?
The best months to buy a house are August to November. There is still a good selection to look through after the peak seasons and you can negotiate as well.
However, no matter the month you should also be mentally ready and be absolutely sure of your personal and financial goals.
You need to be prepared to make a life-altering decision like buying a house. Here is our list of the best months of the buying season to help you decide.
|Month||Best For||Average Median Price|
Best Seasons to Buy a House
Fall is the best season for a low-on-cash home buyer wanting to buy a house. The sellers are less demanding as compared to the other seasons.
Most sellers wish to sell off and settle elsewhere before the school year begins in the fall. However, if you wish to wait for winter there will be far less competition and better prices.
- Spring: This is the most pleasant season with good natural lighting and weather. The competition is high but open to lower asking prices.
- Summer: Summer is the peak season with an active housing market and competitive buyers. There is also a better inventory for buyers to choose from.
- Autumn: The fall has desperate sellers who look to settle before winter. The prices are lower and negotiations are more open.
- Winter: This is a dull season. It would be harder to conduct home inspections as well.
- ✍️ Pro Tip: Summer is the best to buy a house because you can run home inspections thoroughly and can avoid weather interventions.
Housing Market Conditions
The current real estate market conditions are shifting, making it easier for some home buyers. Here are some factors to consider when is the right time to buy a house:
- Interest Rates are Rising: The rates are at a record high of 7.08% in more than 20 years. This has put many buyers out of the market.
- Low Inventory: There is a limited selection for buyers at this point. The existing home sales decreased by 3.4% in April 2023.
- Median Days on the Market: As compared to last year when houses stayed on the market for up to 71 days, this year it has come down to 43 days.
The Top Home Buying in 2023 Tips
Buying a house can be an exciting experience. It can also be stressful and confusing, especially if you’re doing it for the first time. Here are some tips to help you through it:
- Check your Credit Score: Firstly check your credit score to determine your financing options. You have more chances of obtaining better terms and rates with good credit history.
- Save For a Down Payment: To avoid paying private mortgage insurance, or PMI, you must save at least 20% of the home’s purchase price as a down payment. Some mortgage lenders provide no-PMI mortgages with lower down payments but expect to pay a higher interest rate.
- Get a Pre-Approval Mortgage: Getting a pre-approved mortgage is useful when making an offer on a home because it gives you a better idea of how much you can afford.
- Find a Good Real Estate Agent: An experienced real estate agent can save you time and money. They understand the market and can fulfill your requirements.
- Negotiate Repairs: The home inspection report may reveal significant or minor flaws. Major issues certainly need to be resolved before your loan is finalized. Whereas minor issues can wait until you take possession of the home.
- Always Do a Final Walk-Through: Do this diligently as this is your final opportunity to inspect the house. Ask questions, and address any outstanding issues before it becomes your responsibility.
Worst Time to Buy a House
The worst time of the year to buy a house is right after the holiday season.
Homebuyers start looking for new homes when there is a rise in the housing inventory. As a result, prices rise and bidding wars break out.
|Month||Worst For||Average Median Price|
|May||Higher Listing Price & Sale Above Asking Price||$432,812|
Best Time to Buy a House Near Me
|Region||States/Cities||Best Time to Buy a House|
|Northeast||States||Connecticut | Maine | Massachusetts | Maryland | New Hampshire | New Jersey | New York | Pennsylvania | Rhode Island | Vermont | Delaware | Oklahoma | Utah|
|Northeast||Key Cities||Las Vegas, NV|
|Midwest||States||Illinois | Indiana | Iowa | Kansas | Michigan | Minnesota | Missouri | Nebraska | North Dakota | Ohio | South Dakota | Wisconsin|
|South||States||Alabama | Arkansas | Florida | Georgia | Kentucky | Louisiana | Mississippi | North Carolina | South Carolina | Tennessee | Texas | Virginia | West Virginia|
|South||Key Cities||San Antonio,TX|
|West||States||Alaska | Arizona | California | Colorado | Hawaii | Idaho | Montana | Nevada | New Mexico | Oregon | Washington | Wyoming|
|West||Key Cities||Phoenix, AZ | San Diego, CA|
Frequently Asked Questions
1. How long does it take to buy a house on average?
Buying a home can take up to six months. Getting a pre-approval mortgage can take up to a week, and you may spend up to three months shopping around.
Making an offer and negotiating it could take another month or two while closing preparations could take even longer.
2. When is the best time to buy a house?
The best time to buy a house will be determined largely by your location and requirements. From August to November, you can buy a house and save some money.
When deciding when to buy, consider whether selection or savings are more important.
3. How do you decide which house to buy?
Consider the house's potential for renovation as well as its overall size. Think about whether it has enough space and storage for you and your family.
If you have or plan to have children, make sure the house is located in a good school district.
4. Will 2023 be a good year to buy a house?
Though the sale prices have dropped signifincantly, you cannot call 2023 a buyers market just yet. With the high mortgage rates and low inventory buyers are also finding it difficult this year.
Related: what’s the best time to buy a house