Buying your home is a big deal. It's a lot of time, work and finances. So, being able to save money every chance you get will determine whether or not you will be able to buy your dream home. One big thing to consider is when you're buying. Not only do interest rates and the down payment percentage play a big role in the size, age and condition of the home you can buy, but what time of the year you are looking could make a huge financial difference too.
How seasons affect home buying differs by location. Traditionally, for Colorado, the home market picks up in the Spring. Warm weather gets home buyers out shopping and, with school out, it's an easier time for families to move. Because of this highly competitive time, however, prices are generally higher. Waiting for the rush to calm down will save you money on the listing price. One fear is with inventory. In the high season, more homes will be listed and in the colder, winter months there will be less inventory. This is especially true since, with the holidays, people are less likely to move. If you are shopping for a good deal though, holding off until the winter months is a good idea. No matter what, something will cause people to sell. Maybe a family has to move away for a job, seniors have to downsize, or a divorced couple can't afford the mortgage alone.
There are other pros to looking at a home in the winter. One is that it will really give you a good idea of how all systems and appliances are working. If there are repairs that need to be made to the roof, furnace, insulation, etc, it will be easier to spot it. The con, however, is you won't know how well of a condition the yard is in, so expenses on landscaping may surprise you in the spring/summer months.
For a more detailed look at seasonality in the Boulder and Denver area, Contact Me!
I am a real estate professional, serving Boulder and Denver, Colorado. My extensive knowledge of the market, coupled with my commitment to provide extraordinary service, has resulted in hundreds of successful transactions. Let me help you buy or sell your home.