If you’ve decided that 2019 is the year to buy a home you may be wondering about the timing. When is the best time to buy? What do you need to do to prepare and when should you do it? This simple home buying real estate calendar for 2019 will help you plan out the process easily.
January, February and March
Winter is, in some ways, the best time to buy a home, since home prices tend to be lowest. However, this also means there are fewer homes on the market, and you might not find the one you’re looking for during this time.
Before you begin, get your financial documents in order, shop for a lender and get pre-approved for a mortgage. In the current “seller’s market” an offer will not be considered unless it is accompanied with a pre-approval letter from a lender.
To obtain a mortgage pre-approval, you’ll need a variety of documents including previous taxes, W-2s, bank account information, and credit card statements. Then you’ll want to choose a lender. You might choose your local credit union, your preferred bank, or a private lender. Take some time to shop around and see where you can get the best interest rate.
April, May and June
Make a list of wants and needs for your new home and begin searching online. Decide what you must have in a home and what you might compromise on. Select your preferred locations and a price range that fits your lender’s terms as well as your budget. Write these things down so you have a clear reference point when you start looking at homes.
Contact a real estate agent and start touring homes. Through these home visits you’ll become familiar with the market and develop a sense of what you can purchase within your price range.
These are the months when the largest number of homes are listed for sale. Conversely, this also the time when you’ll be in competition with the largest number of buyers looking at the same homes you’re considering. Greater Lansing is going through a “seller’s market” with home’s going for full price or more when there are competitive offers. Don’t be surprised to learn that a home you looked at yesterday has an accepted offer today. In the Spring, homes are listed and under contract within a few days.
July, August and September
You should have toured a few homes by now. Hopefully, one or two have met your needs and you may have already written an unaccepted offer on a home or two.
You would think that by now the competition has slowed down. This isn’t necessarily true. With more buyers than homes, there will continue to be competing offers on any home you submit an offer on. It’s simple. If you like the home, so will someone else.
When you found the “must have” home, your real estate agent will help you prepare a winning offer within the terms of your budget.
Once you have and accepted offer, the closing process begins. It takes an average of about 45 – 50 days from accepted offer to closing. Pay close attention to deadlines, and stay in close contact with your agent. Inspection deadlines are very important.
October, November and December
This is the slowest time in real estate and competition from other buyers is greatly reduced. Successful buyers who found a home are gone. Those who didn’t probably decided to lease until next Spring.
The November and December are good time buy a home, as prices are lower and seller expectation are not as high. They aren’t seeing the same volume of traffic that occurs in the Spring and Summer months and there’s a pretty good chance you’ll be able to make an offer without being in a competitive situation.
If you’re entering the Holiday season living a home you’ve recently closed on. Just kick back and relax. You’re now a homeowner. Just remember to change the furnace filter.