Each season has its advantages and disadvantages — it all depends on what your main goal is when it comes to your real estate search. Spring is generally viewed as the best time of the year to buy a house if you want to choose from a large inventory. Homes also tend to present better in the warmer months – plants are in bloom, and lawns are green, so this is a popular time for sellers to put their houses on the market. You'll see plenty of new listings throughout the springtime. Spring is also the busiest time to search for a home, so be prepared for some friendly competition and the potential for a bidding war.
Late summer to early fall is also considered one of the best times of the year to buy a house because the competition levels cool down following the busy spring and early summer months. Fewer families shop for a house around this time of year as well — they prefer to close on a house earlier to avoid disrupting the school year.
However, if you're looking for a bargain, you're likely to find the lowest prices in the winter. There are fewer buyers over the winter months, so many sellers take their homes off the market for the season with the plan to start fresh in the spring. Sellers who keep their listing up through winter are often looking to sell quickly, increasing your chance of purchasing a house below the asking price. Note that the seasonal differences in the real estate market may vary depending on where you live.
FAQs
However, if you're looking for a bargain, you're likely to find the lowest prices in the winter. There are fewer buyers over the winter months, so many sellers take their homes off the market for the season with the plan to start fresh in the spring.
Will 2024 be a better time to buy a house? ›
Mortgage rates are expected to come down in 2024, and inventory and home sales are likely to increase. Homebuyers and sellers can also expect prices to continue to rise, albeit at a slower clip than the past couple of years.
What month are home prices lowest? ›
Buy in November for a better price
The window between late fall and early winter is the best time for buyers on a budget. Keep in mind, fewer homes are for sale in the cold winter months and around the busy holiday season, so the selection of for-sale homes will be limited.
Should I buy a house now or wait for a recession? ›
And as you might imagine, recessions are a risky time to buy a home. If you lose your job, for example, a lender will be much less likely to approve your loan application. Even if a recession doesn't affect you directly, if your area is hard-hit, that could have a serious effect on the local real estate market.
Do home prices drop in a recession? ›
What happens to house prices in a recession? While the cost of financing a home increases when interest rates are on the rise, home prices themselves may actually decline. “Usually, during a recession or periods of higher interest rates, demand slows and values of homes come down,” says Miller.
What time of year are mortgage rates lowest? ›
Historically, mortgage rates tend to be lowest during the winter months, particularly in December and January. However, rates can vary significantly from year to year, so it's essential to keep an eye on current real estate market conditions.
Will mortgage rates drop in 2024? ›
Mortgage rate predictions 2024
The MBA's forecast suggests that 30-year mortgage rates will fall into the 6.5% to 6.9% range throughout the rest of 2024, and NAR is predicting a similar trajectory. But Fannie Mae thinks rates could stay in the low 7% range this year.
Will US house prices go down in 2024? ›
No — experts do not think there is a housing market crash looming in 2024. Lending standards are much more strict now than they were before the Great Recession, and with low inventory and high demand both continuing, the housing market is not likely to enter a recession in the coming year.
Should I sell now or wait until 2024? ›
Best Time to Sell Your House for a Higher Price
April, June, and July are the best months to sell your house in California. The median sale price of houses in June 2023, was $796,400, which is expected to grow more in 2024. However, cities like Arcadia and San Mateo follow an upward trend throughout the year.
What month are houses most expensive? ›
Generally speaking, late spring and summer are the peak real estate season, when there's the most inventory to choose from — but also the most competition, and the highest prices. If affordability is a concern, you're likely to score a better deal during the winter months.
Summer provides California home shoppers with the highest selection of properties for sale. Specifically, the end of May and June typically see the most home sales. However, summer is often cited as the most expensive time to buy a house — with prices as much as 16% higher in June as compared to winter months.
What is the slowest month in real estate? ›
Typically, winter time is the slowest of the year to sell a property, specifically November, December, and January. However, there are some exceptions because there are several conditions that affect the housing market.
Will housing be cheaper if the market crashes? ›
During a housing market crash, the value of a home decreases. You will find sellers that are eager to reduce their asking prices. Sellers may be more motivated to bargain on price or make concessions to buyers.
Is it better to have cash or property in a recession? ›
Cash. Cash is an important asset when it comes to a recession. After all, if you do end up in a situation where you need to pull from your assets, it helps to have a dedicated emergency fund to fall back on, especially if you experience a layoff.
What gets cheaper during a recession? ›
Because a decline in disposable income affects prices, the prices of essentials, such as food and utilities, often stay the same. In contrast, things considered to be wants instead of needs, such as travel and entertainment, may be more likely to get cheaper.
What is the most expensive month to buy a house? ›
Generally speaking, late spring and summer are the peak real estate season, when there's the most inventory to choose from — but also the most competition, and the highest prices. If affordability is a concern, you're likely to score a better deal during the winter months.
What time of year is hardest to buy a house? ›
On the other hand, the worst time of year to buy a house is during the spring season up to early summer, when housing inventory is high, driving the demand and home prices up. Aside from seasonality, other economic factors, such as mortgage rates, may also affect your ability to buy a home.
What season is best for buying a house? ›
This may give you more room to negotiate when you do make an offer on a house. Fall is one of the best seasons to negotiate a more desirable price because sellers often take their home off the market prior to winter. Buying a home in the fall can be ideal for home buyers trying to stretch their budget.
Is it better to buy a house at the end of the year or beginning? ›
Save on Taxes
If you buy a home before the end of the year and close by December 31, you can lower your tax liability with mortgage-related deductions. These deductions include property taxes, mortgage interest, and interest costs.