Financial experts think they have the answer to the question of “when to buy”, but truthfully, there are no hard fast rules. Sure, the current market in which you are searching influences when to buy a home. But, the right time to buy a new home is most often dependent upon personal preference and circumstances. However, with this in mind, there are some loose rules that may direct you as to when it is the best time to purchase a home.
When to buy might be determined by your move-in timetable. Think about when you want to be settled into your new home, and base your decision on that. Perhaps it is an event on the backend that will influence when you will purchase. Working backwards make sure to also consider the time it will take to close on your home once you find it. Your realtor can advise you on that, however, thirty days from contract to closing is usually considered average. Obviously, the time it will take to find a home will factor into the decision as well. Your realtor will have access to how long the proposed property has been on the market. This will help.
What the pundits advise
Recent research seems to indicate that autumn; particularly the month of October is the best month to purchase a home. Furthermore, and even more particularly, Monday is the best day of the week for buyers, and the 8th of October the best day of the year. That’s rather precise, but these aren’t guarantees-only suggestions. There’s more. If you fail to purchase a home in October, then experts suggest December, January, and February as acceptable winter months for purchasing. In fact they go so far as to encourage potential buyers to skip the month of July all together, citing higher prices on available homes. Finally, April is the worst month to purchase a home. Buyers can expect to pay more during April, up to 1.2% above market value.
Remember, the pundits are basing the decision on when to buy on statistics. They don’t know your personal situation. Buyers must make the decision on when to buy a new house based on their individual circumstances.