Whether you’re first time home buyers, ready to buy your “forever home”, or need to downsize, knowing when to start the buying process is key. When people think of the “real estate season”, they rightfully think of Spring through Summer: “The months of May, June, July, and August make up 40% of existing-home sales, while January and February account for less than 6%” (Realtor.com). Knowing this, you might not realize that the buying process should start in Winter, not Spring. Keep reading to learn why.
If you’re hope is to get settled into your new home before summer is over, you will likely face a very tight timeline if you don’t start searching until April or May. Homes.com estimates anywhere from two to five-and-a-half months for the home buying process, depending on how long your search takes, the market, closing period, and other factors. So, with nearly half a year as the potential timeline for buying your home, it is better to start earlier rather than later and putting a lot of pressure on your selection and purchasing timeline. When you feel rushed, you might make a decision that you will later regret. Use our Home Wish List as the perfect starting point for your home search.
The crazy real estate season in Spring and Summer mean a lot of competition looking at the same homes you are, which can lead to you making a rushed decision and spending more overall. “Buying in the winter knocks out a large chunk of the buyer competition, allowing you to be a bit more selective with your home purchase” (Realtor.com). Even though there will be less homes listed on the market, the sellers who do list in Winter are highly motivated to sell and you will be able to purchase for a fair price with less competition offering all-cash or over-market offers.
More Attention Overall
The final positive to starting the buying process now is that you get undivided attention; from your realtor, from sellers, from mortgage brokers, from movers, etc.! The crazy Spring/Summer season can mean a lot of waiting for attention because everyone in the industry is faced with a lot of work. The slower season allows you to get more personalized attention across the board. Also, if you plan to do any renovations on your new home, you will have plenty of time to get them scheduled before Spring arrives.
We hope this motivates you to start the buying process now! Contact us to meet your realtor and find your dream home that you can enjoy all summer long.