Washington DC, MD and VA Local Real Estate Experts
When Is the Best Time to Buy a House in Maryland?
Knowing when is the best time to buy a house in Maryland, Virginia, and the Washington DC metro area is a big piece to the home buying puzzle.
Knowing what the best month is to buy a house is just as important as the location and the price.
For some homebuyers, waiting until there is a lot of inventory may be beneficial; for others, striking when interest rates are low is the way to go.
This guide has everything you need to know about the right time to buy a house and why. From summer to winter, we’ve rounded up the pros and cons of buying in each season.
The Start of the Year
Many people find using the start of the calendar year as a good time to gauge the real estate market. At the beginning of the year, it is still winter in Washington DC, Maryland, and Virginia. With snow and cold temperatures, you may find a slowdown in January and February.
If you’re looking for a good deal, this may be a great time for you to consider buying. You will often find houses with motivated sellers in the winter months.
Often times, people sell at the beginning of the year due to a job transfer or interstate move. Homeowners are usually ready to make a deal if they can’t wait until spring when the housing market is typically busier.
When There Are a Lot of Homes on the Market
Spring and summer are traditionally the busiest times of the year to buy or sell a home in Maryland, Virginia, and the DC metro area. For some buyers, it might make sense to look for a home when there is a lot on the market.
In this part of the country, spring is in full swing. With warmer temperatures, school about to end, and transitions in government offices, spring is also a bustling time in DC.
Many families are looking to move before the start of summer and before school resumes in the fall. With beautiful weather and people coming out of winter hibernation, spring and summer will always see a lot of real estate traffic.
If you like a lot of options, this may be the best time to find a house. With so many to choose from, you can see a lot of inventory in a short amount of time.
According to SmartAsset.com, nearly 40% of all homes are sold between April and July. You should also keep in mind that the housing market may also be more competitive at this time.
Get ready to tour a lot of homes, strike quickly, and maybe even enter a bidding war. If you want to buy when the market is busiest, the best time of year to buy a home is in the spring or summer.
Don’t think that the market slows down after summer ends. For many homebuyers, the fall is a great time to buy.
On the one hand, you have motivated summer sellers who are looking to make a move quickly. On the other hand, you have new homes being put on the market before the temperatures drop and the holiday slow down.
The fall might be the perfect sweet spot where you still have plenty of homes on the market to see, but you can also get a deal.
If you have children, there are plenty of fantastic schools in DC, Maryland, and Virginia to choose from. If you can close by August, you’ll still have plenty of time to get moved in before school starts.
Holidays and the End of the Year
For some homebuyers, shopping for a home at the end of the year might be the best bet. During the holidays, although people are busier, they may also have more vacation time and time off of work.
You will also see fewer homes on the market. For many people, this is a perk. There is less to choose from, and in some ways, it can be easier to narrow down your choices.
You’ll also find motivated sellers who want to move before the holidays and the end of the year. Another thing to keep an eye out for is new construction. In some developments, if there is unsold inventory, they may try to sell houses before the end of the year.
You might be able to snag a deal on a brand new house. Traffic might typically be slow at a new development around the end of the year. This can work in your favor.
When There Are Low-Interest Rates
Another thing to look for is low-interest rates. When interest rates are low, this might be a good time to buy. According to thestreet.com, the Federal Reserve has actually enacted policies to make sure interest rates stay low in recent years.
The lower your interest rate is, the more affordable your house will be. Keeping interest rates low will help keep your monthly mortgage payment lower as well.
The more mortgage you pay off, the less debt you’ll have. If you’re debating when the best time to buy a house is, watch out for interest rates.
When Is the Best Time to Buy a House for You?
Many people have opinions about when the best time to buy a home is. As for when is the best time to buy a house for you?
Your answer will likely depend on what’s most important to you personally. From interest rates to the different seasons, there are positives to buying at almost any time.
If you’re ready to start your home search in Maryland, Washington DC, and Virginia, it’s time to hire a real estate professional. Visit our contact page here to get in touch with a local pro and get into your dream home.