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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
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.
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.
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.
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.
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
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.