The spring and early summer months are typically the busiest times for moving and buying a home. The warmer weather makes moving easier, and many families with children want to get settled before the school year begins.
But while these are “traditional” home buying seasons, don’t overlook late summer. It might be one of the best times to purchase your first home – and here’s why.
Reduced Competition After the Spring and Summer Rush
There’s nothing more discouraging than finding a home you love, only to lose it in a bidding war. But even though that risk exists year-round, late summer often brings less competition than the peak months of April through June. And with fewer buyers in the market, bidding wars are less frequent.
What does this mean for you? To put it plainly, you can take more time to evaluate homes, enjoy more negotiating power, and sellers may be more open to reasonable offers.
In addition, real estate agents and lenders might have a lighter workload at this point in the year, which means you could receive more personalized attention and faster responses.
Motivated Sellers Want to Close Before Year-End
Late summer can also work to your advantage because many sellers are motivated to wrap things up before the year is over.
For some, the goal is financial (closing before year-end to avoid carrying extra costs like insurance, property taxes or maintenance into the new year). Others may be relocating for work, downsizing or looking to start fresh in a new place sooner rather than later.
Builders, too, may be eager to sell in late summer and early fall. Many want to clear out their current inventory before the new year, which could mean special incentives, discounts or upgrades for buyers.
Moving Before Weather Shifts and the Holiday Season
Finally, buying in late summer allows you to move before the weather turns and the holiday season ramps up.
Depending on where you live, cold weather can roll in as early as late September or October, making a move less appealing. Getting settled beforehand means you’re not juggling the stress and expense of moving with holiday travel, hosting or gift-giving.
Instead, you’ll head into the fall and winter already comfortable in your new space, where you’re able to focus on enjoying the season rather than packing boxes.
Takeaway
Spring and early summer may be the most popular times to buy, but late summer has advantages that many first-time buyers overlook. If you’re ready to take the next step toward homeownership, reach out to the loan experts at FirstBank to discuss your options and find the mortgage that’s right for you.
