What Is The Best Time Of Year To Buy A House?
Are you a first time buyer, property investor, or maybe a seller? You may be interested to find out when is the best time of year to buy a house. There may be many different factors influencing the property market, weather that be location, season, school holidays or annual holidays like Christmas. Find out the best time of year to buy a house with this short and simple guide.
Best Months To Buy A House
Determining the best time of year to buy a house can be dependent on what you are looking for. Are you looking for a bargain or are you interested in having a variety of properties? If you are looking for a good deal then the best time of year to buy a house is the beginning of the year, typically the months of January and February, and the end of the year in December. This is because the days are much shorter and daylight is sparse. Weather is normally dark and grey and cold. Christmas has just ended, and many people are not in the best financial situation to look for a property. Therefore, sellers are willing to drop prices to attract more demand, so if you are wondering what is the best time of year to buy a house, this could be the right time to get a good deal.
The end of the summer, particularly August, can be a good time of year to buy as well. This is when most people are on holiday so demand is low. In the height of summer most people are considering where they will jet off to and packing their bags for a sunny getaway, meaning few people are looking at properties. Research also shows September can be a good time to buy, when the kids go back to school and parents have more time to look around, although this can mean more competition on the property market. Another fantastic time of year to buy is Winter, particularly the end of November and December. This is the lead up to Christmas so many people are preoccupied with buying presents and preparing for the festive season. So, this means sellers are likely to give discounts and deals as they want to attract buyers and get rid of their property before Christmas.
Worst Months To Buy A House
Having discussed what is the best time of year to buy a house, many of you may be wondering when is the worst time. Spring is the worst time of year to buy, particularly May. This is because the days are getting longer and the sun is coming through, with the good weather improving people's moods. This is the peak season for property hunting as many people are trying to move before the kids break up for summer holidays. If you are looking for a variety of choices this is the time to buy, however, it definitely comes with a price tag. Due to such high demand there is a lot of competition between buyers, and properties are often sold for more than their asking price. If you are looking for a bargain this is the time to avoid. The early part of the summer also sees the prices heighten, in particular the month of June where buyers are rushing to complete a deal before the summer break. Properties at this time of year also do not stay on the market for long, so if you are considering buying at these times you have to be quick.
Time Of The Week
When discussing the best time of year to buy a house, it’s also important to consider the specific days of the week that are best. Mondays are the best day to buy as many sellers can drop the price and offer discounts of up to 2.3% below market value. Friday is the second best day to buy your dream house. Discounts of 2% below market value can be found. Research shows mid week is the worst time to buy as there are more bidding wars between buyers.
When you start viewing potential properties to buy, make sure to take a look at our buyer’s guide on what to look for when viewing a house.