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Best Time to Buy a Home

In late summer and early fall, you usually have plenty of homes to choose from — making it a good time to buy.

Kim Porter Kim Porter Edited by Chris Jennings Updated April 5, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. By refinancing your mortgage, total finance charges may be higher over the life of the loan.
Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

When you’re in the market to buy a home, it’s helpful to consider the timing of your purchase before taking the first steps. The season, month, and even day of the week can influence the inventory in your area and the size of the home loan you eventually get.

Late summer and early fall is generally the best time to buy a house. Plenty of homes are on the market but there’s less competition — so you stand to score a deal. Of course, you also need to consider your own needs and your local real estate market.

Here’s what you should know the best time of year to buy a house:

  • Best time to buy a house
  • Worst time to buy a house
  • When is the best time to buy a house?

Best time to buy a house

The best time of year to buy a house isn’t always when prices are at rock bottom. There are pros and cons to buying during each season, depending on what’s important to you.

For more choices, shop in the spring and summer

The housing market starts heating up in the spring and continues through the summer, which means plenty of homes are up for grabs.

Tip: Because so many people are house hunting in the spring, you may face some bidding wars — especially if you’re looking at homes with sought-after features.

If you’re in a particularly competitive market, be ready to give your best offer.

Learn More: How to Apply for a Mortgage

For more negotiating power, shop in the winter

As home sales cool off in the winter, inventory shrinks and there are fewer homebuyers scouting out homes. That means you’ll generally have the upper hand in negotiations. Sellers might be willing to accept lower offers, provide concessions, or accept longer contingency periods.

Tip: Keep in mind, this is generally true in areas that experience big changes in weather from season to season.

Homebuyers in South Florida deal with different market conditions (and weather) compared to people in Boston, for example.

Keep Reading: How to Buy a House: Your Step-by-Step Guide

Best month to buy a home — September

September is generally the best month to buy a house. Inventory is plentiful, competition has cooled off and sellers who are desperate to close may be willing to cut a deal.

And because there are fewer buyers on the market, the whole process may be quicker, from the inspection to the underwriting process and closing.

Best week to buy a home — Sept. 22 to Sept. 29

The best week to put an offer on a home is Sept. 22 to Sept. 291.

The real estate listings website tracked the 53 largest markets and found that inventory is typically up by 6.1% during this week, and homebuyers face 26% less competition.

And because fewer homebuyers are submitting offers, you may score a 2.4% discount off the home’s peak price.

Find Out: How to Buy a House as an Unmarried Couple

Best day of the year to buy a home — Dec. 26

The best day to close on a home is Dec. 26, according to Attom Data Solutions, a real estate information website. Buyers who close on this date likely started their home search around Halloween and submitted offers around Thanksgiving.

The holidays might not seem like the best time of the year to buy a house, but closing on this date could net you a 1.3% discount, Attom found. Other good dates to snag a deal include Dec. 7, 4 and 29; Oct. 12; and Nov. 9.

Best day of the week? There’s even a good day of the week to sign for your home purchase. Closing on a Monday gets homebuyers an average discount of 2.3% below full estimated market value, according to RealtyTrac.

The next-best day of the week to close is Friday when homebuyers receive an average discount of 2%.

Find Out: Should I Rent or Buy? How to Make the Best Choice

Worst time to buy a house

During certain times of the year, buying a home will either be more expensive or you’ll have fewer homes to choose from.

Home prices are highest in June

Homebuyers pay a whopping 9.6% above market value in June, on average, according to an analysis by Attom Data Solutions. May is the next-most expensive month to buy, with prices 8.3% above average.

So, if price is important to you, then hold off until later in the summer to get a better deal.

Inventory is lowest in December and January

December and January usually have limited housing inventory, so you might have to settle on what’s available. Plus, the winter weather could make your move difficult. You’ll have more options and a better moving experience during spring and summer.

But you can use this time frame to your advantage if you think you’ll refinance your mortgage later on. A refi closing during winter could be quicker since lenders are less busy, and you might even get a discount on closing costs.

When is the best time to buy a house?

Timing is important, but it isn’t everything. There are other factors that can interrupt normal homebuying patterns, too, such as:

  • Fluctuations in the economy
  • Not having a good credit score
  • Not having a handle on your current debt

But more importantly, you should consider whether you’re ready to buy a home. Getting a mortgage pre-approval can help you figure out what you can afford and how much to offer on a home.

Credible Operations, Inc. can help you get a good deal on a mortgage at any time of the year. We make getting an instant streamlined pre-approval easy, too — and you can do it in just three minutes.

1https://www.realtor.com/research/best-time-to-buy-sept-2019/

About the author
Kim Porter
Kim Porter

Kim Porter is an expert in credit, mortgages, student loans, and debt management. She has been featured in U.S. News & World Report, Reviewed.com, Bankrate, Credit Karma, and more.

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