The Best Season To Buy a Home
If you have a deposit and are ready to buy, it is important to do your research before making a final purchase decision. Different seasons for example can have an impact on the availability of real estate. Furthermore, prices tend to fluctuate as the seasons change. Let’s take a look at the general trends that characterise buying factors in each quarter of the year.
Buying In Spring
Spring is an optimistic period that can instil a desire for a fresh start as the chills of winter fade. Spring weather makes both house hunting and house moving easier. While this sounds ideal, spring can also be the hardest time to find a house at a good price, as there is a lot of competition from other potential buyers who are also on the hunt.
Buying In Summer
Hot and humid summer weather can make house hunting stressful. That said, summer in Australia is potentially a time of opportunity. As the Christmas and New Year break occurs across December and January, the real estate market typically slows, leading to lower prices. Coastal areas which are most popular during summer can however see their highest prices of the year.
Buying In Autumn
After the slow market of summer and the holiday period, autumn sees an increase in the range of houses available, as more sellers place their properties on the market. While there are more places to choose from, the increased activity in the sector can lead to stiff competition and higher prices.
Buying In Winter
Winter can be a season of slow activity in the housing market as uninviting weather encourages families and couples to remain indoors. This diminished market volume leads to a dip in housing prices off the back of the autumn season of high demand and high property quantities within the market.
Buying In Any Season
While the seasonal analysis information discussed above indicates that there are some differences when it comes to buying real estate, these are usually quite minor. The availability of homes, the number of buyers in the market and the number of real estate transactions per season fluctuate only slightly throughout the year.
One positive of buying in the current market, regardless of the season, is the fact that interest rates are at an all-time low.
Preparing Yourself To Buy a Home
People who are looking to buy a home should evaluate their personal finances to make sure that they're ready for such a big decision. Getting finances in order and making sure that you qualify for a mortgage prior to making an offer is best practice. This allows you to move quickly when you're able to start shopping for a place to call home.
Saving up a substantial down payment shows that you have the dedication and motivation to make this significant purchase, and keeping the amount that you'll owe on a mortgage under control helps you budget your household expenses in the future.
If you're only buying a home because you urgently need a place to live, consider stepping back from the market and evaluating this decision further. It is advisable to find a place to rent whilst you more comprehensively assess the market and your living situation.
If you’re ready to take the plunge and wish to learn more about gaining assistance with securing a home loan, contact a our office today.