When is the best time to buy a house?

Logic says that people in the property market are waiting for the spring, so winter might be a better time to find a bargain!

Traditional thought and logic say that the Autumn and Winter months are not the best times to be house hunting. Many would-be buyers are busy with children’s schooling, busy at work or even preparing for the festive season.

From a seller’s perspective, any property viewings should therefore come from the ‘hardcore’ and serious buyer. Someone looking to buy a home should inversely consider that since the market slows down at this time, the property stock should be fuller. A house sits on the market for longer and therefore a buyer might have the upper hand when it comes to negotiating the final price. Understanding that demand is less for sellers may prompt them to be more lenient in what offers they accept. Even when a house is new on the market, competition generally isn't as fierce in the off-season.

While the Autumn and Winter months might not be a peak time for sellers to place their property on the market, it's also not as competitive when it involves buying a home. There's a pleasant decrease in demand and still many homes available.

In the Spring and Summer season, property moves fast. In a hot property market houses are sometimes sold almost before they are registered. For buyers, this might be really tough if they don’t manage to get their Real Estate Agent’s attention in time to view. In busy times it’s often difficult to get individual attention. In the off-season, it is easier for buyers and sellers to gain full attention from agents. Other institutions and individuals like banks and mortgage lenders are more easily accessible.

8 views0 comments