In some places, people live for August and early September. It’s the one time of year when you can expect it to be sunny in Seattle and Portland. It’s also the best time of year to buy a house no matter where you are.
That’s because August and early September are when the frenzy of summer home-buying finally starts to settle down and prices start to drop — while the inventory remains high. The spring months typically have robust inventory, but bidding wars may cause prices to go up. On the other hand, home prices may be lower during winter, but inventory is anemic — not to mention moving in the snow is a mitzvah everyone can do without. Other reasons include:
- An inventory glut in late summer could lead to some sellers feeling desperate.
- There are fewer competing buyers in late summer.
- August is the best time in terms of getting the kids enrolled in school and allowing them some time to acclimate before instruction starts.
Of course, time of year is just one thing to consider. The market will fluctuate in the short term, but bigger market forces can influence prices, inventory, and interest rates. Seasonality might not be the best determining factor in what price you pay. Depending on where you live and what kind of homes you’re interested in, it’s possible to get a good deal any time of the year.
Picking a home you want to spend the rest of your life in or raise a family in can be very nerve wracking. A lot of things are going through your head. Sometimes, you just know when that’s the house you want. For others, it’s an agonizing decision-making process to decide which house they want to pick. Or sometimes you bought a place that needed a lot more work than you initially thought. All of these things can happen. Responding accordingly to the challenges of homeownership is key. Watch this space!
At JHA, we help our clients be more prepared for the process of buying a home by educating them about their finances. We collaborate with some excellent realtors and are happy to make an introduction if the need arises. For more information, click here.