When is the best time to buy a house?
Conventional wisdom tells us that bagging a good bargain on a home depends on the time of year you buy it. But, as a prospective homebuyer, is it really worth keeping an eye on the calendar?
When is the best time to go buy a house?
It’s an age-old question: does timing allow you to find the best value for your budget when looking to buy property? The simple answer is ‘yes.’ But, when is the ideal time to make the purchase? Some experts will tell you to jump into the market during the winter months, others will say wait until summer or when economic conditions make it a buyer’s market. There’s a lot of wisdom surrounding this topic, and surprisingly enough, there are some truths to many of them.
Many home buyers believe that spring and summer are the best seasons to shop for property, which slows down market activity during the winter. Few people are willing to brave cold weather, and as a result, there are fewer buyers in the market between June and August. This lower demand will benefit bargain hunters who will be able to negotiate lower deals on an overpriced property that has been sitting on the market for longer than a month.
The other advantage of house hunting in the winter is the opportunity to see if there are any leaks in the roof and if the home is easily flooded. Moving is also cheaper in winter because removal companies normally experience downtime during this period and tend to offer their services at a cut rate.
There is also a case to be made for home hunting during the summer. As the festive season gains momentum, dealmakers are often more preoccupied with making plans and celebrating with family than finding their dream home. As most people also go away on holiday, there’s often less competition this time of the year.
It goes without saying that properties that are well-priced and in an immaculate condition will attract buyers all year around. But there are seasonal fluctuations that could help buyers net a bargain. But, keep in mind that the seasonal supply and demand of housing depends on where you live, (here in Limpopo, we receive a generous dose of sunshine for most of the winter while rainy season starts in spring), so it’s best to consult local real estate agents to find out if the area you intend to buy in, is aligned with national trends or if there’s something unique about it.
