Like many things in life, timing can play a key role in your journey to become a homeowner. This invites the question: When is the best time to buy a home in Utah?
According to mortgage experts, seasonality affects both supply and demand, but the current state of the market is also a consideration. As predicting market trends can be quite difficult, the right time to make the leap may be when you are financially ready.
If you are planning to buy a home in Orem or the surrounding northern Utah area, the mortgage professionals at Intercap Lending can help you make an informed decision about the timing of your purchase. In the meantime, read the following to get an idea of when you should jump into homeownership.
How the Seasons Affect Home Purchases
Seasonal real estate patterns have an impact on the inventory of Utah homes to choose from and on housing prices, so certain times of the year can be better for making a purchase. Speaking with an experienced mortgage professional is a smart strategy for learning about the effect of seasonality on the local housing market, but here are the fundamentals:
Spring: Housing inventory grows in the spring, but competition can be fierce. As such, you may have less room to negotiate with sellers.
Summer: Buyers are ready to pounce on deals at this time of year. With a mortgage pre-approval letter, you can act quickly if you find a house you love.
Fall: Sellers are eager to get their homes off the market in the fall, allowing buyers to negotiate a good price. However, housing inventory is lower.
Winter: Fewer properties are up for sale in the winter, but with housing prices at their lowest and reduced competition, it can be a good time to buy a home.
Factors to Consider When You Want to Buy a Home
While seasonality influences both housing inventory and pricing, mortgage experts say that other factors are worth consideration.
Housing trends vary by city, and they can also vary by neighborhood. Therefore, if you want a home in a hot market, you can expect higher prices and less options no matter the time of year.
Rising mortgage rates can also affect the affordability of homes in Utah. When the rate goes up, the cost of borrowing money through a mortgage goes up as well – and higher monthly mortgage payments keep some people from qualifying for home financing.
Are You Looking to Buy a Home in Northern Utah?
Rather than wait for a specific time of the year to buy a home, mortgage experts recommend making the move when you feel ready. The professional team at Intercap Lending can help you decide when to take the plunge, and you can count on us to help you through the mortgage process. For a free, no-pressure consultation, contact one of our helpful and experienced mortgage lenders in Orem, Utah, today.