Each season has its advantages and disadvantages — it all depends on what your main goal is when it comes to your real estate search. Spring is generally viewed as the best time of the year to buy a house if you want to choose from a large inventory. Homes also tend to present better in the warmer months – plants are in bloom, and lawns are green, so this is a popular time for sellers to put their houses on the market. You'll see plenty of new listings throughout the springtime. Spring is also the busiest time to search for a home, so be prepared for some friendly competition and the potential for a bidding war.
Late summer to early fall is also considered one of the best times of the year to buy a house because the competition levels cool down following the busy spring and early summer months. Fewer families shop for a house around this time of year as well — they prefer to close on a house earlier to avoid disrupting the school year.
However, if you're looking for a bargain, you're likely to find the lowest prices in the winter. There are fewer buyers over the winter months, so many sellers take their homes off the market for the season with the plan to start fresh in the spring. Sellers who keep their listing up through winter are often looking to sell quickly, increasing your chance of purchasing a house below the asking price. Note that the seasonal differences in the real estate market may vary depending on where you live.
FAQs
Generally speaking, late spring and summer are the peak real estate season, when there's the most inventory to choose from — but also the most competition, and the highest prices. If affordability is a concern, you're likely to score a better deal during the winter months.
When would the best time to buy a house? ›
If getting the lowest price possible is your main priority, consider searching for a home in November or December. There won't be as many houses to choose from compared to the spring and summer months, but you'll face less competition and a higher likelihood of purchasing a home below the asking price.
Is the best time to buy a house during a recession? ›
This decreased demand means less competition for homes on the market, which in turn means sellers who are more open to lowering their prices. So buying during a recession, if you are financially able to, may get you a better deal.
What month is cheapest to buy houses? ›
Buy in November for a better price
The window between late fall and early winter is the best time for buyers on a budget. Keep in mind, fewer homes are for sale in the cold winter months and around the busy holiday season, so the selection of for-sale homes will be limited.
What age is the best to buy a house? ›
Most first-time homebuyers make a purchase when they are 35. Buying a house at a young age can mean building equity young and getting a home paid off sooner. Purchasing a house in your 20s or earlier can also mean you feel trapped, unable to move at a moment's notice.
Is 2024 a good year to buy a house? ›
Yes. This is the best time to buy a house in California. With the current trend in the CA housing market, you'll find better deals on your dream home during Q2 2024. As per Fannie Mae, mortgage rates may drop more in Q2 of 2024 due to economic changes, inflation, and central bank policy adjustments.
What month are house prices highest? ›
Generally speaking, late spring and summer are the peak real estate season, when there's the most inventory to choose from — but also the most competition, and the highest prices. If affordability is a concern, you're likely to score a better deal during the winter months.
Do houses get cheaper during a recession? ›
For people looking to buy a home, a recession can bring some advantages. When the economy is not doing well, home prices often drop, which can be good news for those who want to find a good deal; plus, during recessions, mortgage rates usually stay low, meaning buyers can get a home with lower monthly payments.
Are we in a recession in 2024? ›
Though the economy occasionally sputtered in 2022, it has certainly been resilient — and now, in the second quarter of 2024, the U.S. is still not currently in a recession, according to a traditional definition.
Is buying a house a good investment now? ›
Prices in some regions are currently lower than they have been since the start of the pandemic, so now could be a good time to enter the market. One significant factor in this decision is mortgage rates. The rates for a 30-year fixed mortgage reached a 20-year high toward the end of 2022.
On the other hand, the worst time of year to buy a house is during the spring season up to early summer, when housing inventory is high, driving the demand and home prices up. Aside from seasonality, other economic factors, such as mortgage rates, may also affect your ability to buy a home.
Is 3 months enough to buy a house? ›
It could take anywhere from 6 months to a year depending on the current real estate market and what kind of home you're looking for. If you're planning on buying and selling at the same time, make sure you have a place to stay if you happen to have trouble finding and buying a new home.
Is 2 months enough time to buy a house? ›
It typically takes anywhere from four weeks at the low end to six months (or more) to shop for and close on a house. But it can be quicker if you make a strong offer right away in a fast-moving market or slower if you have a hard time finding just the right place or keep getting outbid.
Is 40 too late to buy a house? ›
Age doesn't matter. Counterintuitive as it may sound, your loan application for a mortgage to be repaid over 30 years looks the same to lenders whether you are 90 years old or 40.
Can you buy a house making 40K a year? ›
If you have minimal or no existing monthly debt payments, between $103,800 and $236,100 is about how much house you can afford on $40K a year. Exactly how much you spend on a house within that range depends on your financial situation and how much down payment you can afford to invest.
Is your first house the hardest to buy? ›
While buying your first home may be the hardest step in your homeownership journey, it's also one of the most rewarding. Despite the challenges, the sense of achievement, pride and accomplishment that comes with owning your own home is unparalleled.
What time of year is it cheapest to buy a house? ›
Winter is traditionally the slowest season for home sales and, as a result, it's the cheapest time to buy a home. There's usually less competition between buyers and sellers may be more willing to negotiate to make a sale since buyer interest is lower than it is in the spring.
Is it cheaper to buy a house at the end of the year? ›
Winter (best price)
But prices tend to be lower and buyers can often get eager sellers to offer concessions, such as covering closing costs. In addition, builders can be incentivized to negotiate to clear new construction inventory at the end of the year.
Is it harder to buy a house now than 30 years ago? ›
On Friday, the National Association of Realtors reported that 2023 saw the smallest number of home sales in nearly 30 years. Last year was rough for homebuyers and realtors as a trifecta of forces made it harder than ever to buy a place to live. Or, at least the hardest in nearly three decades.
