15 Apr Pros and Cons of Various Home Buying Seasons
If you spend enough time speaking to folks about the home market and mortgages, chances are you’ll hear references to various “buying seasons.” We all like to get a great deal, and there are certain factors at various points in a given calendar year that may make these periods more or less attractive depending on your needs.
At City Creek Mortgage, we have a huge variety of great mortgage rates regardless of the time of year. Let’s go over some of the traditional benefits and drawbacks of considering a home purchase during each of the major seasonal areas – spring and summer are generally lumped together, while fall and winter also are grouped as one.
Spring and Summer
Spring and summer are generally considered the “busy” season for the real estate market. More homes are listed and sold during these seasons than during the other half of the year, meaning more options available. Some of the additional benefits of hitting the market during this part of the year include:
- Higher inventory: As we just noted, more homes available means a greater number of options to choose from. The majority of sellers list their properties in spring, and those that linger on the market a bit longer remain during summer.
- End-of-summer discounts: Down similar lines, homes that remain on the market all the way through the summer may see a small dip in price by the time you reach August and September, and you might be able to get a good deal.
- Family considerations: The summer is the ideal time to move for many families – kids aren’t in school and there aren’t as many scheduling items to worry about.
- Selling old home: If you’re selling an old home and buying a new one, the spring and summer will feature more buyers for the old one.
At the same time, there are some downsides of buying during this season:
- Competition: More homes available also means more buyers and offers on the table.
- Pricing: Sellers recognize that this is the busier season, and may price their homes accordingly.
- Time to consider: Homes will move faster during the spring and summer, so you’ll have less time to sit on decisions.
- Realtor availability: Realtors will also be busier and less able to devote time to you.
Fall and Winter
Fall and winter, on the flip side, are slower seasons in general for home sales – but they do still take place, of course. Some positives of buying during this period:
- Deals: Prices are often lower, and more motivated sellers may be more willing to negotiate.
- Competition: There won’t be as many buyers on the market.
- Cold weather open houses: Visiting during the cold months gives you a better idea of how the home handles the more stressful season from a maintenance and expense standpoint.
There are also some cons to the fall and winter:
- Inventory: There are fewer homes available, as many listings are removed by the holiday season if they don’t sell before then.
- Weather: Both searching for homes and moving may be more difficult in winter weather.
- Holidays: Both sellers and realtors are busier during the holidays, and may not be as available.
For more on choosing which season to buy a home in, or to learn about any of our mortgage loan services, contact the pros at City Creek Mortgage today.