Buying a property is said to be one of the most stressful things in life, and if you’re looking to move home or buy your first property, there is a lot to think about.
But two realtors have told Newsweek the worst possible times to buy a property.
With a backdrop of economists warning that a debt default could have a devastating effect on the housing market and hikes in property taxes in parts of the U.S. contributing to further concern over affordability, what should potential homeowners avoid when looking to buy?
Andrew Ragusa, a realtor in Long Island, New York, told Newsweek: “Well without a doubt the worst time to buy a house is the spring. When everyone else is out buying. It’s a mad rush of properties being sold and as a buyer you are paying a lot more than you should if you’re lucky enough to get one.”
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Indeed, a 2022 report by ATTOM Data Solutions which analyzed more than 39 million home and condo sales over the last nine years found that May is the worst month for getting a good deal on a house, with a recorded paid premium of over 10 percent on many properties.
ATTOM reported that October is when buyers are more likely to find the best deal with the amount of buyers paying over the median value of a home in the fall months nearer 3.3 percent.
Dallas real estate agent Andrea Reynolds often shares her top real estate tips on her Instagram account @andreareynolds_thefitagent. She echoed that the spring and summer months can be a particularly tough time to buy a home.
“Overall there is never a ‘perfect’ or ‘worst’ time to buy a home,” Reynolds told Newsweek. “But if your timeline is more flexible, we can look at the trends we see throughout the year. Typically spring and summer months are the busiest and most competitive times for buying a home.”
Potential sellers are more likely to list a home in the spring to capture buyers that want to be settled into a new home by the summer, or before the next school year.
“It’s counter intuitive because people always think spring is the best market of the year, and for the buyers it’s the best time of the year if you like losing every house you see and being outbid like crazy,” said Ragusa.
So what would realtors recommend if you’re looking for the right time to buy a home?
“If I were buying a home today I would avoid the peak season,” said Reynolds. “This can give you more negotiating power and potentially get a better deal. I would recommend starting a search around September, October, November, and December.”
While of course this timeline won’t work for everyone, where there is flexibility and buyers are looking to avoid as much competition as possible, the end of the year is the best bet.
“This is the time of year when the real estate market slows down a bit. There may also be a number of sellers who haven’t been able to sell their homes throughout the year and may be more motivated to get their homes sold,” Reynolds added. “However, keep in mind that there may also be limited inventory this time of year. Be prepared to have patience as a buyer, and put yourself in the best position possible by working with a professional realtor.”