Buying a home can be very expensive, and it comes with additional fees including a mortgage loan insurance and appraisal fees. To help you keep your costs down, here are some of the best and worst times to buy a home. 


If you’re like most first-time home buyers, you’ve probably listened to your family’s, friends’, and co-workers’ advice, many of whom are most likely encouraging you to take on homeownership - and for good reason.

Having your home comes with some personal and financial benefits, including:

  • Pride of ownership
  • Stable monthly payments
  • Opportunity to build equity
  • Cheaper than renting in the long run
  • The freedom to make changes to your living space

 

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When is The Best Time to Buy a Home?

Everyone wants to get their dream house for the best possible price, but even at a great price, it’s likely that this will be the most expensive purchase you’ll ever make, so searching for ways to save makes financial sense.

How to do this: One way that you can get yourself a great deal (and the home of your dreams) is to pay attention to the timing of the market in your area. Here are some tips on how to figure out the best time to buy a house:

Personal Factors

The factors that should be considered when timing your home purchase typically fall into two categories: market factors and your personal life factors. Some of the personal life factors you should think about include:

  • Your financial situation. Do you have the income and credit score required to qualify for the loan you want? Do you have enough money saved for a down-payment? Can you afford the other costs of home ownership, from utilities and upkeep to property taxes?

  • Your lifestyle. Are you planning on staying in the area for at least three years, or are you planning on moving soon? Do you have the time for home maintenance? You should also consider whether the size of your family will change in the upcoming years.

Market Factors

Market factors that you should take into consideration when buying a home include things such as:

  • Interest rates (lower rates will offer lower monthly payments, which will help you save money in the long run)
  • Whether you’re shopping in a buyers market or a seller's market.
  • A buyers market is when there are lots of homes for sale and sellers are typically willing to drop their prices or make other concessions to get the house sold.
  • A seller’s market is when the seller has more power. At this time, there are fewer homes available, so homeowners have multiple parties interested in their property and can command the highest price possible.

 

The Best Month To Buy a Home: January

Not only does the beginning of a new year come with fresh resolutions, but it also provides great deals for home buyers. If you are a price-sensitive shopper, this could be the right time for you to buy.

This is because, in January:

  • The median sales price of homes is at its lowest point.
  • Houses have been on the market for over three months on average, meaning the price will be lower at closing.
  • Buyers have more room to negotiate a price and they tend to get better deals.

Tip: Even if buying a home in January isn’t an option, waiting until the busy summer home selling season is over can save you thousands of dollars.

4 BENEFITS OF BUYING A HOME IN THE WINTER

 

The Worst Month to Buy a Home: June

June is considered to be one of the least favorable months for cost-conscious home buyers, as it is the opposite of January. In June:

  • Houses sell very quickly and at a high median price
  • Buyers don’t have a lot of room to negotiate price
  • There are more buyers on the market, giving sellers more power, thus they will be less inclined to give you a better deal.

The short time on the market, high median sales price, and a higher percentage of homes selling above list price makes months such as May and June the worst time to buy a home for price-sensitive shoppers.

 

Protect Your New Home With 20/20 Mortgage Loan Insurance

If you are planning on buying a home, or have recently purchased your first house, our 20/20 Mortgage life insurance products can help you protect your investment, and provide financial security for your family.

 

To find out more, contact us at 866-617-9620 or fill in our online contact form.

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