Want to buy a house, but not sure if this is the right time to invest?
Written by Northwest Mortgage
Published on Tue, Sep 21, 2021, Last Updated on Tue, Sep 21, 2021
In an ideal world, home buyers would have a wide selection of houses always available on the market at competitive prices, and they could buy a house whenever they wanted. However, it doesn’t work that way in reality. The real estate market continues to fluctuate, often making it harder for potential buyers to find their dream home within their budget. The best home buying tip that anyone can give you is to buy when the inventory is high because it causes the prices to drop. But, there is a problem here; you can’t exactly predetermine the housing market trends. Having said that, the housing market has displayed certain patterns that can help you time your purchase well. We’re going to look at those standard patterns to determine the best time of the year to buy a house. Let’s get into it without further ado!
The Best Season of the Year to Buy a House
Traditionally, spring and summer seasons have been considered good for home buyers as more homes are available for sale. However, shop for the house in late summer to increase your chances of grabbing a good deal. This is the time of the year when there is enough inventory on the housing market, but the prices start to drop.
What is the Best Month to Buy a House?
For those looking for a more precise timeline for buying a house, the time is now! August and September are conventionally considered the best months for home buyers. The listings are typically most abundant in August, so buyers have a competitive advantage over sellers. August has also been the month with the most price cuts in the real estate sector.
However, if you don’t mind hunting a little more for your dream home or have a good real estate agent to help you with it, you can find a house at a much better price in November. Since fall and winter are low seasons in the housing market, you will have more negotiating power.
It’s important to note that your options will be limited because fewer houses are up for sale during these colder months, but it’s worth giving it a try if you’re in no hurry to buy a house or are on a budget.
Is It a Good Time to Buy a House in Indiana?
Surprisingly, Indiana’s housing market has not been negatively affected by the COVID-19 pandemic. It experienced a historic boom. With many buyers flooding the market, the demand increased, tilting the market in favor of sellers and caused the property prices to rise. While it may not seem like the best time to buy a house in Indiana, you can still get a good deal if you know where to look. For example, Fort Wayne is a great place for prospective homebuyers. Not only are houses here affordable compared to many other cities, but Fort Wayne was also recognized as one of the hottest housing markets and one of the best cities in the US for first-time home buyers, in 2019 and 2020, respectively. The interest rates have also been recorded low here lately.
However, these trends have naturally created a high demand, and there isn’t enough supply. If you want to buy a house in Fort Wayne, your best option is to work with a reliable local realtor and get pre-approved. We at Northwest Mortgages can help you get pre-approved for buying a home in Fort Wayne. Contact us to start the process of buying your dream home in Fort Wayne, Indiana.