Is there a right season to buy a new home?

Spring selling season, as it’s commonly referred to, is the time of year that typically sees an increase in homeowners listing their homes on the real estate market. But is this the best season to buy? 

There are many reasons homeowners might decide to list their home in spring, including the following:

• The weather can enhance the appearance of a property, from greener grass to flowers in bloom and more comfortable temperatures inside.
• The days are longer which means it’s easier to showcase the amount of light that the property is exposed to.
• More buyers tend to be out and about in the warmer weather, which can increase competition among buyers and make for more lively auctions.

So, if there’s a trend towards a particular time of year to sell a property, can the same be said for buyers? Maybe, but it might not be as simple as pinpointing one specific season.

How might different seasons affect your buying experience?

Some buyers might be eager to enter the market as soon as they have saved a big enough deposit, which could be at any time of year. But researching market trends could allow for a better-informed buying experience.

For example, house hunting in spring could mean there are more properties on the market, making it easier to find a home that meets all of your requirements. But on the other hand, if other buyers have the same idea, it could also mean you have more competition, making it harder for you to secure the property you’re after for the price you’re willing to pay.

In contrast, Christmastime tends to be a less popular time of year for buyers and sellers, as their focus moves to the many commitments that time of year often brings. So, if you’re hoping to buy in December/January, while there may be fewer listings to browse, you could be faced with less competition.

Similar patterns to these tend to emerge throughout the year, meaning there’s likely no single best time to buy. But keeping up to date with movements in the market even before you’re ready to buy can help you be prepared when the time is right.

How you can prepare to buy in any season

Regardless of the season, if you’re getting ready to start actively looking for a home to buy, there are several things you can do to prepare:

• Do your homework by seeing what properties are available and how much they are selling for in the area that you are interested in. By doing this, you can better determine if there is particular time of year that would be best for you to start looking.
• Compare home loans online to find a mortgage that offers a competitive interest rate and features that meet your needs. Consider using RateCity’s home loan comparison tables for help getting started.
• Apply for mortgage pre-approval so you’re ready to go when you find an ideal home. Just remember, pre-approvals generally last around three months from the date of the initial conditional approval – depending on the lender. So, be sure to submit your application when you’re just about ready to start house hunting to avoid having it expire.
• Consider reaching out to a mortgage broker if you’d like professional guidance or advice on the mortgage application process.

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