Buy in July
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The back to school ads are starting to appear signaling the end of the traditional school summer vacation. Although there is still at least a month for most kids before getting their backpacks out of storage, the middle of July is actually a very good time to go house hunting according to Realtor.com and Zillow.com. So Buy in July!
While early spring often brings the greatest number of choices of homes to buy because of the number of new-listings and fall and winter bring the best deals because of unsold homes and less new-listings, statistics reveal July brings both choice and deals.
July affords the best of both worlds. A good selection of homes still on the market without the sting of aggressive new-listing prices. It is a great time to buy.
Start your Buy in July by finding a Buyer’s Agent. An agent will provide:
- Instant market knowledge.
- Expert negotiating skills.
- Access and recommendations for other professionals including mortgage brokers.
The best months to purchase a home are usually August and September, while the best days to buy a home are Dec. 26, followed by Dec. 4, 7 and 29; Oct. 12; and Nov. 9.
No matter when you buy, you’ll want to know the size of the mortgage you’ll need, the mortgage interest rate, the amount you can spend, and the type of property you can afford.
Here’s what the research tells us.
The best months to buy a home
For homebuyers, the best time to purchase a home is usually in the late summer or fall.
House hunters will find plenty of homes on the market, but not as much competition for them as in the spring and early summer, when more buyers are on the prowl. So there’s a greater likelihood you’ll get a bargain.
Sellers listing their homes are more willing to cut their prices when back-to-school is approaching, because they get nervous that they won’t be able to make a sale before the cold weather arrives and buyers go into hibernation.
That means during August and September you find the most house listings with at least one price reduction, Zillow says.
Shoppers who are willing to brave the cold weather can find good prices in winter, even though there are fewer homes on the market.
Though December is often considered the very best month to buy a house or condominium, you usually pay about a 1.5% premium at that time of year, according to Attom Data Solutions, a real estate information company. Still, the premium is higher if you purchase in the summer.