It can be both exciting and exasperating to finally decide to buy a house. Exciting because this means that you’re a step closer to living in the home you’ve always dreamed of. Exasperating because the process toward homeownership needs to be done methodically; otherwise, you’ll end up making costly mistakes and experiencing buyer’s remorse. That’s why careful planning is crucial, and one of the most important things to consider is the timing of your home purchase.
So when is the best time of the year to go after that Mississippi home you’ve been dreaming of? There isn’t really a single right answer to the question. You have to decide first what is most important to you — lower prices or a wider selection to choose from.
Best time of the year for bargains
If price is your priority, the best time of the year to find a bargain is during the winter months. Listing prices tend to be lower around this time. With the busy holidays and the colder temperatures, fewer people are likely to shop for houses, thus translating to less competition. And because it’s the off-season, homeowners trying to sell their homes at this time of the year are usually doing so out of necessity. Their desire to sell their house fast could be due to the need to move out immediately because of a career shift or economic reasons. This being the case, you’ll have more room for negotiation.
On the downside, you’ll have fewer available houses to choose from. Then again, the house of your dreams might just be on the market at this time, and you’ve been presented with the opportunity to get it at a bargain.
Best time of the year for getting the house you want
If funding your home-buying plans won’t be a problem and you are more set on finding the house that will best suit your requirements, then expect a wider selection of homes during the spring and early summer. April usually sees the newest listings and this high typically lasts until June.
Just remember that since this is also the season when most people are house hunting, the fierce competition can bump up the average home price in Mississippi. You will need to craft an offer that will give you an edge over other interested homebuyers. And if you do succeed, be ready for the possibility of paying more than the seller’s asking price.
Best time of the year for a compromise
If you are willing to wait a little longer and resist the buying rush, you may want to start your search around August or September. It is during this transition period from peak season to off-season when prices start to go down but the inventory is still abundant. With house shopping on the wane, there may also be more room for negotiation – a rare occurrence during the peak season.
Your best time to buy a house
Now that you have an idea of the ideal times of the year for pursuing the purchase of a new home depending on what you’re after, the next question is if you have enough funds for this huge project. Unless you can pay cash up front, know that investing in a house and shelling out money for the accompanying dues will entail you to commit to regular payments in the next several years.
Make sure that you will be able to keep up with your mortgage. Also, remember that the monthly mortgage won’t be the only payable related to your home purchase. There are other costs that come with owning a home, such as taxes, utilities, and insurance. Depending on the state of the home you will buy, you might even have to set aside a budget for repairs or remodeling.
Your personal best time to buy a house is when you are in a strong financial position and are ready for the responsibility of maintaining your new home.
All that said, consulting with a real estate agent can help you determine when you should start your hunt for a Mississippi home. With their knowledge and experience in the market, they can pinpoint the best time for you based on your particular wants or needs.
If you think you are ready to buy a home in Mississippi, the dependable buying and selling agents at Owen & Co., LLC Real Estate can assist you in your search. Learn more by calling 228.822.9870 or sending an email to info(at)owenandco(dotted)com.
