Ultimately, the best time to buy a house is when you can comfortably afford the home you love the most.
I know, I know…what you’re probably wondering is “but is there a best time of year to buy?”
Personally, I don’t think there’s one best time of year for home buyers, but there are certainly pros and cons to the seasonality of the real estate cycle. Here they are:
- Pros: Sellers are thinking of selling. This is a good time period for smart home buyers to be doing research and getting ready to pounce on new listings as soon as they hit the market.
- Cons: Housing inventory isn’t up too much yet, so there may not be a lot to look at. However, new listings are coming on the market more and more as Spring approaches.
March through June
- Pros: Serious sellers have listed their homes in hopes to sell quickly. You’ll generally have the most inventory to choose from during this time.
- Cons: This is the traditional silly season for real estate. So, you’ll have the most competition from other people who are also ready to purchase. But, if you know what you want and are prepared to act quickly, you’ll be ahead of most other home buyers.
July through October
- Pros: Although the craziest part of the year is over, these 4 months can remain pretty busy and you should still find great homes for sale.
- Cons: The summer is a time when some buyers want to move because the kids are off of school, so you’ll have home buying competition from those people. Since summer can be hot in Naperville, moving during that time can be uncomfortable on those particular scorching days.
- Pros: This can be a great time to house hunt because active listings mean that the sellers are motivated. And since your buying competition is probably off doing holiday activities, you could have very little competition. If you can find a great house around the holidays with a seller who is willing to sell right now, this is a ripe opportunity to get a good deal.
- Cons: At the end of the year, especially once Christmas gets close, real estate isn’t moving very much. This is the time of least inventory to choose from. Some sellers who didn’t sell will suspend their listing and relist the next year.
There are other things to take into account as well. Of course, your personal situation is going to dictate a lot of what you can do and when. Further, mortgage rates, the current condition of the real estate industry in general, and the state of the Naperville real estate market are also key pieces to consider.
However, no matter what time of year it is and what’s going on in the market, if you’ve properly prepared to buy and know what you’re looking for, you’re in a position to make it a good time to buy a house in Naperville for your own particular situation.
- If you’re searching for home in Naperville, check out our custom home search as well as the most popular home searches right here on our site.
If you have any questions about buying or selling, just contact us.
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