When to Buy a Home: Which Season Is Best?

When you’re trying to decide when to buy a home, hopefully you’ll be able to plan around the annual ups and downs of the housing market. Even if you have a limited time frame and need to buy or sell because you’re relocating, understanding the effect of the seasons can help you make the most of your situation.

Many real estate agents report that they sell more than 50% of their properties during the summer, but every season has highs and lows in the housing market. Understanding these patterns will help you make a more informed decision on when to buy or sell a home. Plus, you’ll be able to better prepare for any additional benefits or burdens. 

Spring

The National Association of Realtors gathers data regularly, and it consistently shows that the months between April and July have the heaviest real estate sales. This is true all around the country. Pleasant spring weather encourages people to get out and look at homes, if even unintentionally. Spring can be favorable to sellers in particular. As you can guess, more people out looking means more competition for your home. However, spring can be a great time for buyers, too. If you’re looking to buy, the higher volume of properties means you will have more choices and a better chance of finding what you want.

Summer

The advantages buyers and sellers experience in the spring are even greater in the summer. A busier summer market makes sense if you consider common scenarios for buying a house. For example, it makes sense to relocate your family during summer, prior to the start of a new school year. According to this article, Tennessee is no exception to busier markets during the summer. In fact, our state’s home market is typically a notch above the U.S. average in general.

Fall

With its mild weather, autumn in Knoxville can sometimes be an extension of the summer buying season in the real estate market. If you’re trying to decide when to buy a home, be extra diligent in your search during the fall. Houses that didn’t sell during the summer are still on the market, and it’s likely that their sellers are pretty motivated. This means you have a better chance of making a good deal.

Winter

Tennessee winters can be cold and wet, sometimes making it difficult for real estate. But if you’re buying, you’ll find more motivated sellers during this “off” season, and your ability to negotiate in your favor greatly increases. Winter closings are also favorable to anyone who wants to move quickly because of the low number of people looking and buying means the whole process can move more quickly.

Timing When to Buy a Home

The most often-repeated phrase in real estate after “location, location, location” is “timing is everything.” As we discussed:

  • Spring marks the beginning of the home-buying season as temperatures heat up
  • However, summer is the peak season to buy or sell a home 
  • Fall continues to be a popular time to buy since many homes will still be on the market
  • Winter may be hit-or-miss and often depends on the weather

The Holloway-Westerling Group can help you take advantage of the ebb and flow of the seasons, and help you decide when to sell or when to buy a home. Contact us today to get started!

You can also check out more of our blog for help with buying or selling a home, as well as lifestyle, decorating, and health tips!

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