When is the best time of the year to buy a home? What is the worst? Statistically speaking, there are two days out of the year that are the rock bottom worst to finalize a home sale, one month you should try to avoid at all costs, two days that are gold when it comes to home buying, and a month that is ideal.
Spring is the biggest home sales season, but this also means massive demand and supply. Due to school ending soon, many families take this time to relocate to a more appealing school district. Inventory is massive, and competition is fierce for the best homes. Does this mean one of the spring months is the best for home buying? Nope, but one of the worst months is in spring – May.
Many home buyers end up picking their dream home out in April, and this means May is overwhelmed with paperwork – and with Memorial Day looming, inspections, mortgage clerks, title companies, and more are buried in work mixed with vacation days. This could mean that your closing could end up being pushed to June – messing up your loan paperwork, your interest rate, and more.
The worst month also includes one of the worst days – the last Friday of May itself can be completely hectic, and the chances of closing on your new home are slim – even if you do manage to get all of your “paperwork in a row”, every single person you interact with will likely be stressed to the max.
However, surprisingly one of the best days for home buying is also in the spring – Easter Sunday is one of those inexplicably good days to buy a house, and you could luck out with a quick, early offer that beats out the other buyers who won’t get their offers in until Monday – too late for them! Easter falls sometime between March 22 and April 25, more specifically, the first Sunday after the ecclesiastical moon after the vernal equinox.
Summer months are normally when listings start to dry up and competition for homes in good school districts peaks. This can make it a difficult time to try and buy a home especially if you waited for summer specifically so you could move while school is out – hundreds of other families have had the same idea.
Fourth of July is the second worst day to buy a home, as it’s another major holiday and many real estate agents in Dallas, Texas will plan vacations for the early part of the summer as a reward for having made it through the insanity of spring home selling season.
One of the best months for home buying is in the fall – October is actually surprisingly good for home sales, as homes that go on the market then, are normally being put on the market by highly motivated sellers, and most of the competition has dwindled down. Curb appeal is at its peak in areas with stunning foliage, and you can get an idea of normal traffic patterns once summer is truly over.
The very best day of the year to buy a home is Christmas Day. If you can find a motivated agent, you can conceivably get an offer in, and be well on your way to a successful closing by the New Year. People are in good moods, more inclined to be generous, and looking to sell before the end of the year. A lowball offer may work when the chance of multiple offers or any competition is out for the holidays, and even better, home prices typically drop to a 12-month low in December.
Of course, all of this advice may vary from market to market, and you might just luck out by finding the perfect home at the most unexpected moment!