When is the Best Time to Buy a New Home?

Are you in the market for a new home? Whether you’re buying your first home or planning on selling your current home to upgrade or downsize, there are certain advantages and disadvantages to each season. There’s a lot of conflicting information out there about what time of the year is really best for buying and selling homes. But in reality, when it comes to Greensboro, NC real estate, the best time depends on the individual homebuyer.

Spring and Summer

You’ve probably heard that spring is the best time to buy and sell homes. There are a lot of benefits to both buying and selling in the spring:

• The weather is warming up and people are getting out.
• The flowers are blooming and lawns are green.
• There’s a lot of inventory available.
• Avoid moving in the middle of the school year for the kids’ benefit.

But there are also drawbacks to buying and selling homes in the spring:

• A lot of not-so-serious lookers come out of the woodwork.
• You may pay more for a home due to bidding wars (but this can be good when you’re selling)
• Spring can be a really busy time to move. It can be hard to find movers who are available.

Fall and Winter

When it comes to Greensboro, NC real estate, fall and winter get a bad rap. But in actuality, there are a lot of benefits to both house hunting and selling during the cooler months.

• The weather in North Carolina stays warm well into the fall and there tends to be a lot of warm days in the winter months.
• Buyers are more likely to be seriously looking and intend to make real offers.
• Lower inventory means your home may sell faster.
• Lower inventory also means the seller may be more motivated and accept lower offers (much less likely to get caught up in bidding wars).

There are drawbacks, but they are no more numerous than the benefits:

• Lower inventory means it may be harder to find a home.
• Homes may not look as presentable in the winter with dead lawns and trees with no leaves.
• You may not get an offer on your home that is as high as you would get in the spring.

The True Best Time to Buy a New Home: When You’re Ready

Regardless of the time of the year, buying a new home (and selling your current home if necessary) should be done on your own timeline. Don’t feel rushed to hurry up and buy something in the spring or to get your home listed before you’re ready. Conversely, don’t wait for spring just because you think it’s the best time of year if you’re ready to start looking in January. One of the biggest indicators of your readiness should be your finances. Make sure you are ready to enter into one of the biggest financial undertakings you will make in your lifetime. Talk to your preferred financial institution and get preapproved for financing before you even start looking. Know your price range before you meet with Greensboro, NC real estate agents to start looking and listing. Then when you’re ready, call Smith Marketing and Allen Tate Realtors®: (336) 215-7880.