The Best Time of Year to Buy a Home

You've probably heard that spring is a busy time in the real estate world. People are jumping to get out and enjoy the outdoors after being cooped up all winter. Are those buyers really serious about buying a home at the Lake of the Ozarks though? In today's blog, your Lake of the Ozarks mortgage lender will discuss when the best time of year to buy is and why.

Buying a Home in the Spring

While spring is hands-down the busiest time in real estate, it's not necessarily the best time to buy. Why is that? Inventory might be at an all year high, but competition is also higher. With the increase of competition, comes higher home prices. Getting in a bidding war with other home buyers can easily cause you to pay more for that home than you would have if competition was lower. Home sellers are less likely to negotiate when multiple offers are coming in. According to data from RealtyTrac, April is the worst month to buy a house.

Buying a Home in the Fall 

According to data from RealtyTrac, the month where buyers get the best deal is October. It's true that inventory might be lower during the fall season. However, buyers looking in the fall are more serious about buying. Competition is lower during the fall months and that makes negotiating easier. Those listing their homes in the fall are more motivated to sell, which makes it easier for you to get a home at a lower price than you might in the spring.

Pros and Cons to Buying in the Fall 

Just like with everything in life, there are pros and cons to buying a home in the fall. Take a look at a few of them to determine if purchasing a home at the Lake of the Ozarks during the fall season seems like a good choice for you:

Pros

1. Sellers are serious. If they weren't, they would wait until the spring to put their home on the market. Motivated sellers means more flexibility during negotiations.
2. You'll have less competition from other buyers. Families, in particular, don't normally like to move during the fall season because school is in session. You'll have more time to look and more time to work out a deal without rushing to beat other offers.
3. Inventory is low. This could be looked at as a pro and a con. Lower inventory means that you have less homes to choose from, but that also makes it easier to narrow down your list of potential homes to buy. 

Cons

1. You could experience bad weather. You're not going to want to get out and look at houses in bad weather. From rain to snow and sleet, nasty weather can easily put a damper on your house hunting.  
2. Days are becoming shorter. Due to daylight savings time, buyers are forced to either take off work early or house hunt on the weekends to get it done before it gets dark out.

Summer is winding down and fall is just around the corner! Now is the time to get your mortgage pre-approval at the Lake of the Ozarks so you're ready to start house hunting. For all your Lake of the Ozarks home financing needs, give me a call at 573-746-7211. I'm here to help you every step of the way and get you into your dream home!

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Michael Lasson

Sr. Loan Officer

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.