Buying a home is an exciting experience, but when should you take the plunge? This question plagues homebuyers throughout Canada and the United States! The real estate market is volatile and ever-changing. However, there are a few key points throughout the year when buying a home could save you thousands. Your path to homeownership: navigate with confidence using our guide for home buyers - start exploring today! https://nobul.com/home-buying-guide
Read our guide for home buyers below to learn more.
Winter and Fall
Did you know that the spring and summer months are the busiest in real estate? During the warmer months, buyers come out in droves. There are a few reasons why. More people are on vacation, and those with families want to complete moves before the new school year begins.
Because so many buyers enter the market, many pay a premium. In April and May, buyers can sometimes pay a 10 percent premium on a home!
Avoid the spring and summer months like the plague if you want a great deal. Instead, focus on purchasing your new home during the fall and winter.
The market calms down, and there are fewer buyers. As a result, home prices tend to fall. There's less competition, so sellers may not receive multiple offers or enjoy a bidding war that increases sales prices. You can get substantial savings and have a better inventory of homes to choose from.
Post-Holiday Sales
Another unique strategy you can learn about in a guide for home buyers is to take advantage of holidays. Most people won't even consider purchasing a new home around the holiday season. There's a lot going on, so most put the entire venture on hold until after the new year.
But nothing is saying you can't buy a home during that time. In fact, doing so could lead to substantial savings. So when is the best time to buy?
Research shows that the best days to buy a home follow Thanksgiving and Christmas. The benefits continue into the new year.
Higher Interest Rates
Another time to consider buying a home is when interest rates are high. Of course, this may not benefit you if you take out a loan, but it's worth considering.
When interest rates climb, the market cools. Fewer buyers want to take on a new mortgage during those times, resulting in low demand and high inventory. While you may get a higher rate on your new mortgage, you could get substantial savings on the sales price.
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