Curious when the best time to buy a house is? You’re not alone.
As a loan officer, one of the questions I hear most frequently is, “When is the best time to buy a house?”
The answer is simple – the best time to buy a house is the right time for you.
That being said, the housing market does experience some seasonal patterns. Traditionally, folks don’t want to move during the holidays and they desperately want to get into a better school district prior to school starting.
This means inventory is typically low during the winter and demand is often high during the summer. While inventory has a tendency to peak during August, buyers who have been on the hunt for a substantial amount of time begin to experience fatigue.
By the time fall rolled around, many house hunters have given up and signed a lease or decided to stay in their current home for another year. In fact, the Seattle area housing market has gone like gangbusters from January through July of this year. Homes were flying off the market. Bidding wars were common. Buyers were waiving inspection and guaranteeing earnest money.
There was a tapering off in August. Bidding wars became less frequent and listed homes received fewer offers. Now that we have hit fall, the competition has dropped even further. Yet, interest rates still remain at record lows.
As a potential buyer, this is great news. With low rates and less competition, you have more choices. Ready to find out just how low of an interest rate you qualify for? Contact me today!