Buying a home is exciting, although rushing into the process can result in overpaying for a home that is not ideal for your family or needs. Many buyers make this exact mistake. Avoid buying the wrong home and snag the best price on your dream home when you learn the best time of year to close the deal.

Deals and savings on homes sold during certain months make it worth the wait. With thousands of dollars in potential savings up for grabs, it makes sense to wait to close the deal during that special month.

Are you Ready to Buy a Home?

Sure, you want to become a homeowner but are you ready for this stage in life? Becoming a homeowner includes big responsibilities. No matter which month the experts suggest is best for closing on a home, you will find yourself on the wrong path if you are not ready for the challenge.

Signs you are ready to move to the homeowner’s stage of life:

• Your credit score is 620 or better, as many mortgage lenders will not consider scores of less value.
• You can afford a 20% down payment and closing costs
• You meet the recommended 43% debt-to-income ratio standard
• You are secure in your employment and income
• You are ready to tackle maintenance and repairs on the home
• You can afford the monthly mortgage payment on the home

If you do not meet all the qualifications listed, reconsider your decision to buy a home at the time. Fix the issues that could stand in the way of homeownership and then reconsider homeownership later down the road It is better to wait until you are confident than to get in over your head as a homeowner.

Worst Month to Buy a Home

If you meet the qualifications above, buying a home could very well be the next best step. Owning a home feels great since paying a mortgage on a property that one day will be yours is much less daunting than paying someone else’s mortgage for them, which is the gist of what happens to renters. Do not rush into the home-buying process. If you are ready, that will not change simply because you took the time to find the right house in the right neighborhood at a price affordable to your budget.

May earns the dishonor of being the worst time of the year to buy a home. It’s nothing personal. Everyone loves the warm weather and colorful flowers after being stuck inside during the long, cold, harsh winter. The housing market is loaded with homes during the spring and summer, and eager buyers are ready to snatch them up. Sellers are not inclined to freely throw out deals beneficial to the buyer.

Buy a home in May and you’ll pay 10.10% over market value premiums compared to rates available during other months of the year.

Best Month to Buy a Home

In February 2023, Forbes Advisor reported October as the best time of year to buy a home. The spooky month offers homebuyers nothing but treats with premium rates averaging 3.3%. Compared to the premiums of 10.10% indebted to homebuyers in May, this rate is incredibly satisfying. When looking at these percentages on the cost of a home, the savings equal well into the thousands of dollars. That information should be very encouraging to those who are in the market to buy a home.

November and December also offer buyers low premium rates. Sellers often remove their listings from the market during late October in anticipation of the upcoming holiday season. The assumption is that people are busy with the holidays and are not buying homes, so why should they waste money advertising the home? Generally, this is true; most people are not buying homes during the holidays. Some people are buying and are out there looking for the right home to call their own.

Choosing the fall or winter months to buy a home reduces the availability of properties but puts you in line for great deals as eager sellers offer deal after deal simply to sell the property.

Finding deals on homes on the housing market is possible any time of the year. It is the fall and winter months, however, when prices are their lowest and home sales seem to be a little bit easier than during the summer months.

Custom-Built Homes in Denver

For the homebuyer who chants “It’s my house and I want it now” to the tune of the Frank Azar commercial, consider a custom-built home. Investing your money into the purchase of a custom home designed to your exact specification is always a good idea. Sometimes, building your home is more affordable than buying a pre-built property.

This isn’t to say buyers’ deals aren’t offered to buyers throughout the year. Deals always exist as they attract buyers. However, choosing to buy a home during the fall and winter months will help save money and ensure you select a home you really want rather than one simply for the sake of becoming a homeowner. That really is what homeownership is all about.

Contact Denver urban Builders today if you are ready to move into a home of your own.