There are several key components in any home purchase. Aside from top-of-mind considerations like price, location, and amenities, timing is also important.
Bear in mind that real estate does have peak and low buying seasons. During the peak season, buyers coming out in droves result in higher home prices. When demand is low, budget-conscious buyers can expect more favorable prices.
Ultimately, however, deciding when to buy depends on what you prioritize.
When figuring out the best time to buy a house in or around Washington, DC, here are a few things to consider:
Spring and summer offer more housing options
Like other markets, spring and summer are the best time to buy in the DC metro area. You’ll see more homes on the market. The weather encourages prospective buyers to check out available homes in person. And buyers with kids will want to settle into new homes before school starts in September.
While there might be an array of homes to choose from, competition will be more challenging during these seasons, and prices will be at their highest. The median sale price of DC homes during May and June are $595,000 and $610,000, respectively.
Having a real estate agent by your side during peak buying season is your best bet at landing a home in Washington, DC. A real estate professional will expertly navigate the market on your behalf and help you craft a strong offer that will impress the seller and help thwart the competition.
Look to fall for lower prices
Alternatively, you may have better prospects from September to November. Homeowners who haven’t sold their property by summer’s end may be inclined to reduce their prices to entice more buyers.
What’s more, sellers who are in a hurry and don’t want to move during the winter will be more open to negotiating with you. Both factors can work in your favor if you play your cards right.
Wait for winter when there is less competition
If price is a major factor, consider buying a home in winter. Few people will be willing to brave plunging temperatures from January to February to shop for real estate. With fewer buyers looking, you have a better chance of finding a new home at a lower price.
For instance, in recent years, the median sale price of homes in Washington DC in January was around $530,000 but climbed up to $570,000 in February and March.
There’s another perk to buying a home in the winter that not many people take into account. Harsher weather conditions will show you what a home is truly made of. How does the roof hold up or the insulation? Is the fireplace as functional as it should be? If there are house issues, you can bring them to the seller’s attention and agree on essential repairs and updates.
Contact the Heller Coley Reed Team
If you require expert guidance exploring the DC metro area real estate market for the right home, get in touch with Heller Coley Reed. We are ready to help you in your home buying journey no matter the season. You may reach out to us via phone call or email.