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When is the Best Time to Buy a Home?

Uncategorized

February 22, 2021

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5 min

Young couple packing to move to a new home.
Buying a home is one of the biggest financial purchases you will ever make. It isn’t easy to find the perfect home in the perfect neighborhood at the perfect price point. But when you do, you then have to question whether it’s the right time personally and financially to buy a home.

In general, there are three different elements to consider before you decide it’s the best time to buy a house:

  1. Time of Year – Typical house market patterns in your area can determine the best month to buy a house.
  2. Economy – The state of the economy and job market in your area can have an impact on home prices and home values.
  3. Personal Situation – Ultimately, the decision to buy a house will come down to your financial situation and your personal timeline.

When is the Best Month to Buy a House?

In general, there are market trends that can help you make a better decision about when to start your home search and look seriously at your options. While these trends can vary from year to year, there are some generalities you can use to help determine the best time to buy a home.

The Best Month for Selection and Price

Typically, August and September are considered the two best months for home buying. Home prices are often dropped during these months, but inventory is still reasonably high. This can change from year to year, but in 2019, home prices dropped $7000 in September, while inventory was only down by 10,000.

The Best Month for Negotiations

If you aren’t as picky in terms of selection but hope to get the absolute best deal on price, you might be better off waiting until fall and winter. While options are somewhat limited, you will most likely have the best flexibility to negotiate a price. Individuals choosing to sell a home during the winter months typically have a very specific reason, making them more likely to negotiate a sale.

The Best Month for Selection

If you are most interested in finding your dream home and money is no object, you will find the best selection in early spring. Historically, April has the highest number of house listings, with May and June close behind.

Understand Economic Factors Affecting the Housing Market

National, state and local economic factors can affect the housing market. Interest rates, job markets and the health of the economy as a whole can greatly impact home values. Pay attention to how the market is trending in your desired area in terms of real estate developments, retail and dining and school districts. These can be clear indicators of how the economy is doing in the area you plan to move.

The goal is to purchase when home values are trending upward, as it will help you start building valuable equity almost immediately.

Assessing Your Personal Finances

Even if the market dictates it’s a great time to buy a home, you should really make sure you’re personally and financially prepared before you make the decision to buy. There is always a risk associated with making such a major financial purchase and you are the only one who knows if you are financially ready to make the leap.

Keep in mind the additional costs of property taxes, any updates the home may need and any relocating expenses. All of these elements will factor into your decision to buy and only you can truly determine when the time is right.

Make the Smart Move with ezStorage

Buying a home is a major step. Make sure you are ready for moving day with help from ezStorage. Our temporary storage facilities offer short-term solutions for your storage issues.

With convenient locations near you in in Alexandria, Takoma Park and Liberty, MD, you will always have access to your items when you need them. Save time and take advantage of our contactless rental option to find short-term storage without ever leaving your house. If you’d rather rent in person, our storage facilities are still open, and our staff is there to assist you. Rent a storage unit today!

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  1. Select the storage unit size you’re interested in.
  2. Click on “Rent Now” and follow the steps.
  3. Select the autopay option.
  4. Once completed, you will receive an email with your storage unit number and access code.
  5. To reduce person-to-person contact, don’t forget to bring your own lock. Don’t already have a lock? No problem you can stop by the rental office to buy one on your first visit!