Buying a home is a big decision with many factors weighing in on it. While location is probably one of the more important factors in your selection, timing may play a bigger role than you think in the overall cost of your home.
So, when is the best time to buy a home? According to RealtyTrac, the best month to buy a home is October. After reviewing over 32 million home and condo sales over the past 15 years, the research further showed that buyers received a 2.6% discount to the current fair market value of a home.
Of course, if you have a family, buying a home in October may not be all that feasible – especially if you have school-aged children. After October, the best months to buy are February, July, December and January (in that order). Why these months? Because there are usually fewer buyers, which means less competition to purchase the home of your dreams, and you can maximize your savings through potential market discounts.
This same research also found that the worst month to buy is in April - most purchases are 1.2% over the market value. And, usually, discounts are not offered because of the saturation of buyers in the market.
Besides the timing of your purchase, it is important that you look at the rates available to you with your credit score. If you need to wait a little longer to improve your credit, it may be worth the wait - especially if you are not in a hurry to purchase due to a job or family change. Getting a lower rate will make a big difference over the life of your loan.
How DuGood Can Help
If you are in the market for a new home, we have some great resources available for you!
- Chat with our Mortgage Team – They have years of experience and are happy to help with any questions you might have. Just give them a call at (409) 726-2126.
- Visit our Home Loan Page – Compare our rates, calculate your payment, and learn more about the home loan process here at DuGood.
- Download our First Time Home Buyers Guide – this FREE eBook walks you through the process of buying a home from start to finish
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