Are you thinking of buying a house in Avon, Lorain, Bay Village, or Rocky River, Ohio? If so, you might be wondering about the best time of the year to buy a house. Ohio, like other states, experiences certain cyclical nuances in the real estate industry that can affect buyers. These factors include the retraction of prices, supply, and the amount of competition you face when searching for the right home to buy.
While summer is often the most popular time to look for a home, most buyers will find that not only do they face more competition and a reduced inventory, but also prices are sometimes higher during the summer months.
Instead, fall is often the best time to buy a home. To be specific, the month of September is a good time to purchase a home. One of the reasons for this is that many buyers will have vacated the market after either having purchased a home during the summer or having grown weary of looking after losing contracts during the spring and summer.
As most real estate agents will tell you, homes tend to look their best during the spring and summer months when the flowers are blooming. This is precisely why most home sales take place during the months of April and July. There are practical considerations, as well. Homebuyers are often families with children, who will begin a new school year in the fall. It’s easier to move in the summer for families.
September is also a good time to begin searching for a home due to weather conditions. Once the temperatures begin dropping, home buying tends to slow. This is particularly true in Ohio, where it can be difficult to get out and begin checking out a home properly once snow is on the ground. September is a good choice because there isn’t as much competition from other buyers but the weather has not grown so wintry that you cannot properly evaluate a prospective home.
With less demand, you may find that you can also take advantage of lower pricing. It all comes down to supply and demand. Once buyers begin exiting the market, many sellers may be willing to drop the prices on their homes or at least be more open to negotiating than they would be when there are many buyers in the market. When inventory takes longer to sell, pricing power weakens. This means that you have the opportunity to potentially save thousands of dollars on the purchase of your next home.
Since sales do begin to decline in the fall, you will also find that real estate agents are not as busy, which means they will be eagerly attentive to your needs. If you are a first-time homebuyer, this can be quite important, as you will need someone to walk you through the various aspects of buying your first home.