Spring is the start of the homebuying season, but a little patience pays off.
SmartAsset says the best time to sell a house is in the summer, when half of all home sales typically occur. The best time to buy is in the fall. Despite the seasonal dip in inventory, there is usually less competition with other buyers. Also, fall buyers can better benefit from certain tax benefits, such as the mortgage interest deduction.
The site says that, in particular, October is the best month to purchase a home. Homebuyers spent 2.6 percent less than market value on homes during that month, according to RealtyTrac. Other good months include January, February and December. April is the worst month to buy.
In terms of building a home, the best time of the year depends on climate. SmartAsset says cool and dry conditions are best suited for residential construction.
For some people, the winter may be one of the best times to begin constructing a new home. It’ll likely take several months to finish the house and if it’s ready by the spring, it’ll be warm enough to pour the concrete for the driveway. But if it rains or snows frequently during the winter, that could delay your home-building project.
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