Most everyone knows the spring and summer are peak seasons for the real estate industry, but from a buyer’s perspective, there’s actually a better time of year to keep in mind. For those looking to take advantage of new construction, the best time to buy is just around the corner.
Seasonal Market Conditions
Weather
For most areas of the country, summer is the peak time for buying and building homes. As you consider the calendar year, it makes sense that this would be the general trend. Spring and summer offer ideal weather for those who are shopping for their dream home as well as contractors building new homes in hopes of attracting shoppers.
Fiscal Cycle
Considering the fiscal year, a generous tax refund in the spring can add to an existing nest egg and allow potential homeowners to move forward with their plans to build or buy. By June and July, those who had drained their discretionary income for the holiday season have typically recovered, and their bank accounts are robust again.
Price Fluctuations
That being said, spring and summer market conditions are ideal for the real estate industry. If you’re willing to spend a little more, then you’ll certainly have the cream of the crop to pick from. However, there may be a better time to purchase a home. In a recent study of Realtor.com data, NerdWallet found that home sale prices dropped an average of 2.96% between summer and fall. In Midwest metro areas comparable to Des Moines, price drops were more in the 5–7% range.
Incentives for Fall and Winter Purchases
If you have the time and patience to wait for the fall and winter months, you could save money on your dream home. Builders are often more motivated to move their projects in the fourth quarter. Just as retailers benefit from selling significantly discounted products at the end of the year, contractors and custom home builders can profit from “clearing” their books. Home builders who have money tied up in inventory are often willing to work with buyers to close deals before the end of the year.
Buying a newly constructed home in the fall or winter can come with a number of incentives. It’s wise to work with a real estate agent even when buying a new home because he or she will have an understanding of the potential savings available to you.
When it comes to buying new construction, the fall and winter months can be an excellent time to pursue the home of your dreams. While you may not have the swollen inventory that comes with the spring and summer months, you also won’t have the competition from other buyers. All in all, buyers have a lot going for them in the time leading up to the new year.
Now is the time to buy a new home. If you’re ready to move forward, contact Homes by Brill in Des Moines. Our experienced team will guide you through the home building process from start to finish. We’ve helped nearly 500 homeowners in the Des Moines area create the homes of their dreams, and you could be next! Schedule a consultation today to get started.
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