New England is one of the most sought-after property markets in the country. Therefore, it’s no surprise many prospective homeowners are looking to buy a home and settle in this positively thriving region.
That said, you might ask, when is the best time to buy a home in New England? You see, in truth, the best time to purchase a home depends on many factors, and some of the key ones include your current situation and priorities. But, that’s not to say factors such as the time of the year, housing inventory, mortgage rates, and market trends do not have a significant impact. They do matter a lot because they directly influence the current market listing prices.
So, when choosing the right time to buy a home in New England, you got to ask yourself these questions. When are you most likely to find the best home options in the market and save big bucks during the process.
The Best Time of the Year to Get a Good Deal in New England
The real estate market is volatile, and New England is no different. Therefore, getting the best deal on a home hinges on many factors, some beyond your control.
Market forces often determine home prices in most regions, and so does the weather.
The best time to buy a home in New England is winter. By this time of the year, most families, especially those with small kids, usually have completed their home buying goals and are settled in before the holidays. Therefore, if you don’t mind winter moving, this might be your most ideal time to strike.
According to ATTOM’s analysis, December, November, and October are the best months if you want to get a good deal on a house in New England. Of course, the first few months of spring usually have the largest selection of home options, but should you pick this period to buy a home, be ready for some bidding wars. There are usually many buyers in the market during this time of the year, and statistics show the median home prices are generally at their highest.
Massachusetts, for instance, sellers are most likely to accept a lower offer in December. The same applies to Vermont and Connecticut. On the other hand, if you want to buy a home in New Hampshire, the analysis shows that the best time to do so would be in January.
That’s in stark contrast to Maine and Rhode Island, where the best times are November and October, respectively. So, if you were considering moving to New England, now is the time to start your search in Vermont, Connecticut, and Massachusetts.
Why Is Winter the Best Time to Buy in New England?
A running theme is that the best time to buy a home is in the thick of winter. But why is that?
1. Sellers Are Desperate
Most sellers are desperate at this time (emphasis on MOST) since they don’t want to cover the maintenance costs well into spring. Therefore, they are more likely to be agreeable, increasing your chances of getting a good deal.
2. Fewer Buyers are Available in the Market
There aren’t many people willing to leave the warmth of their homes and house hunt during winter. That paves the way for those seeking to buy homes to get better deals. With the low demand for houses, sellers are more willing to cut deals they usually wouldn’t.
3. Lower Inventory
Most people know fewer homes will be on the market in winter. Hence feel discouraged by the prospect of looking for a house in a scarce market. That said, you’re less likely to find yourself in a bidding war.
Winter offers buyers a great chance to secure a good deal. If you’re ready to buy your dream house in New England, all you need is to link up with a good real estate agent.