If you’re planning to buy a home in Utah, you might wonder when to start the mortgage process. Are certain times of the year better for homebuyers?
Houses go on the market throughout the year, and you can find a home loan that suits your financial situation during any season. Plus, as every mortgage lender would tell you, the best time to buy a home is when you’re ready – not when others say the time is right.
That said, seasonality can be a factor when it comes to scoring the keys to your dream home. Here, the mortgage professionals at Intercap Lending explain what you need to know.
The Cheapest Time of Year to Buy a Home
ATTOM, a real estate data provider, recently conducted an analysis of home sales over the last 12 years. According to their report, the best home purchase deals are found during the month of November. At this time, sellers tend to be most willing to negotiate, and there’s less competition from other homebuyers.
However, mortgage professionals say that the factors that make November a great time to snag a deal – fewer buyers and more receptive sellers – carry over into the other fall and winter months. The data from ATTOM confirms this, showing that houses are least likely to sell at high prices between October and January.
The Best Time to Buy a Home When You Want Choices
For anyone who wants a broad selection of properties to peruse, the spring and early summer months are the best times to shop. More houses go on the market during this period for two reasons – many people prefer to buy when school is out, and sellers realize that homes show better when lawns and gardens are in bloom.
Still, while there may be more properties to choose from in the spring and summer, mortgage professionals warn that homes tend to sell rather quickly at this time of the year. Sellers often receive multiple offers, and many people have mortgage pre-approval letters in hand. The result of this, though, is higher prices. As per the ATTOM report, homebuyers pay the highest premiums between the months of May and July.
Is Now the Best Time for You to Buy a Home?
As mortgage professionals, we can tell you when it’s the best time to get a great deal on a home and what time of year you’ll find the most new listings added to the market. But we can’t tell you when to start the mortgage process – that’s something you should do when you feel ready.
If your income is secure, your credit rating is solid and you’ve been saving up money to cover a down payment and closing costs, now may be a good time to buy a home in Utah. But if you’d like targeted advice, the professional team at Intercap Lending, a trusted Utah mortgage loan provider, would be happy to help. Contact us today!