Recently I wrote a blog post about selling your home in the winter season. Whether a Seller should wait & put the house on after the holiday season or keep it on throughout. Now it's time to turn the tables and talk about how & when to buy a house, from the Buyer's perspective.
When can I get the best deal on buying a house?
If you can find a house in the Fall/Winter months (before the Spring market hits), that's the best time to buy. Sellers have typically reduced their prices, they are motivated to sell & don't want to hold the property throughout the whole of the winter months. Typically, you'll get the best deal on a house in the Fall/Winter timeframe (unless you live in a neighborhood that is a highly desirable spot where homes fly off the market at all times of the year).
When will I have the most selection of homes to choose from?
The Spring market is when you'll see the most homes on the market. The past few years, the Spring market has started earlier & earlier. We were seeing homes fly off the market in January! The official start to Spring and the real estate start of Spring are 2 entirely different animals. By the time the tulips are blooming we've had several months of the Spring real estate market! However, it's important to remember that with more options comes more Buyers, which translates into more competition & higher prices.
How do I prepare for this huge purchase?
3 words: Hire A Realtor. Preferably a realtor who has experience working in both a buyers & sellers market & one that can guide you accurately so that you get a beautiful home that you love that fits your needs & is within your budget. A strong agent will know how to guide you to buy in the Fall/Winter & then how to guide you in the Spring/Summer. These are 2 entirely different strategies and require totally different approaches.
When should I start the preparation process?
NOW. Choose a realtor to work with by getting personal recommendations, interviewing agents & doing online research. Choose a lender to work with (if you'll need a loan) following the same path as you did to choose your realtor. Start the search early so you can see what your money can get you in the different neighborhoods. That way you're prepared when a great one hits the market and you feel confident & ready to move forward.
Should I freak out?
NO. Purchasing a home is a big deal, but if you surround yourself with smart, knowledgable and trustworthy professionals, you'll be in a good hands. Most of us don't do our own taxes, we work with a CPA. Most of us don't handle our own legal issues, we contract with an attorney. Most of us don't self-diagnose, we find a doctor that specializes in our area of need. Make sure that you choose the best to guide you through the biggest financial purchase you'll ever make.
I'm already freaking out!
Take a deep breathe and we will work with you to take baby steps throughout the process.
Amy Lessing - LessingA@FirstWeber.com - 314-488-3216
Sherry Lessing - LessingS@FirstWeber.com - 608-212-1555