Purchasing a home is one of the biggest decisions you’ll make, so some planning ahead of time is necessary. Whether you’re hoping to start simply with a condominium at your minimum budget or get into your dream mansion, timing can be a key part of being successful in your first home purchase. Here are some of the best times to buy your first home:
In most markets, potential homeowners start scouting in the Summer months. Families prefer to move when school is out and kids can make a natural transition, there are a few holiday long weekends that make it easier to move without missing work and everyone prefers to move in warm weather. Spring is a quieter time in most real estate markets, and that can work in your favor. Less competition means less chance of a bidding war that increases your eventual price. Sellers who want to get out of their home by Summer start listing in the Spring months, so you’ll get first look at the homes that everyone will be bidding on come June or July.
There’s a natural slow down in the market every winter around the holiday season, beginning shortly before Thanksgiving and lasting through the start of the New Year. With the prospect of either hosting family at the holidays or taking on the expense of visiting family out of town, many people aren’t ready to also add the stress and cost of buying a home at the same time. Some studies show that the Christmas period is the best time to buy a place of your own for multiple reasons:
- Sellers are in a more generous mood and more likely to accept an offer
- Less buyers shopping for homes means less competition
- If you and the seller are both motivated enough to be entering the process during the holidays, chances are you’ll both be motivated to keep the process short and efficient.
When You’re Ready
No matter what studies indicate about the best time to buy, the real best time to get into the process is when you feel ready. With your research done and enough money saved, you’ll feel much more confident in the process and be more likely to get a good deal. Plus, if you take the time to build your credit and save some money, you’ll be in a better place to negotiate the price and mortgage rate you want.
If you feel that now is the right time for you to buy a home, the Core Group can help. Click here to get started buying a home in Orlando or the surrounding area with our help.