When Is the Best Time to Buy a Home in Philadelphia?

best time to buy a home in philadelphia

Whether you got a new job, experienced a big life-changing moment, or want new scenery, you may think a move to Philadelphia is in order. But before you pack up your belongings and start life anew, you must ask an important question: Is now the best time to buy a home?

Before You Buy: Can You Afford the Move?

Before you even start the home-buying process, you first need to determine whether you can afford to move, especially if you’re a first-time home buyer. Speak with an experienced real estate company in Philadelphia that can walk you through the pre-approval financing.

It’s very important to get pre-approved for financing before you begin the hunt so you know exactly how much you can afford and what you can expect your payments to be in the future. It also gives you peace of mind knowing that a mortgage company will give you the financing you need to purchase that home of your dreams.

Also, make sure you are financially stable enough to purchase a new home. Here are a few factors to consider before starting to shop for a new home:

  • You have a good handle on your debt
  • You can cover any bills that come with a new home
  • You have an emergency fund started
  • You have enough income for a luxury home
  • You can afford homeowners insurance

Now that you know how much you can spend, the next question is “When is the best time of year to buy a home?”

When is the Best Time of the Year to Buy a House?

As you can imagine, the real estate market does fluctuate throughout the year. According to Quicken Loans, the summertime seems to be the peak of the house-hunting season whereas the winter months are rather stagnant.

This makes some senses taking several factors in mind, such as:

  • Moving during the summer won’t disrupt the kids’ school years
  • Warmer weather makes it easier to move your belongings from one place to another
  • If you’re thinking of moving to an apartment, college students would be moving out at this time, creating more availability in real estate

So when is the best time to buy a home? Well, it depends on several factors.

Shopping During the Spring and Summer Months

As we explained above, the spring and summer months are the peak time of the year to purchase a home. And that means everyone will be shopping during this time. And we do mean EVERYONE. This means you could face stiff competition on highly sought-after features, especially in the luxury housing market! What may be available the first time you look at it could be gone the second you’ve decided to put in an offer.

Especially in 2021. According to Philadelphia Magazine, the real estate market has seen a huge boom in the past year, thanks to many consumers saving their money for real estate opportunities.

But instead of putting in an offer on a home that meets your expectations just so you can put in an offer, you may want to sit down with your realtor to map out a plan on how to get the home with all the features you truly desire. Maybe consider a different neighborhood.

Or maybe you should wait.

Shopping During the Winter Months

Although fewer homes go on the market during winter, you can use that to your advantage. That means there are few shoppers so your competition will be far less. The seller could be more willing to sweeten the deal for you than they would in the spring or summer. This could mean accepting a lower-than-asking price or more generous contingency periods.

So, winter may also be the best time because the seller may be highly motivated to sell their property. For example, if the seller is looking to move to a new city for a job, they may need to unload their home quickly, which can work to your advantage.

The Best Month to Purchase a Luxury Home in Philadelphia

You finally decided the season that is the best time to start your house search. Now that you have that squared away, your next question could be: is there a perfect month or week to look for your new luxury home?

Again, it all depends on the season you’re shopping in and how much you’re willing to spend. For the winter, the earlier the season, the better, such as January or February. However, if you’re looking for more homes to choose from and don’t mind paying just a little more than you would in the wintertime, your best bet would be to start the buying process between April and June. According to Zillow.com, this short time frame has twice as many active listings as in December or January.

But the optimal months to start your search and get the best price would be August and September. According to Zillow, these are the final months of the peak season, when the listings are the most abundant nationwide. This is also the time when you can find several listings with reduced pricing in the U.S. compared to any other time of the year.

A Luxury Realtor in Philadelphia Can Help

Whether you plan to look for a new home or wait until sometime in the future, don’t start the search on your own. Instead, choose a Philadelphia real estate company that can easily guide you through the process.

At Maxwell Realty, we’ve handled real estate transactions for home buyers and sellers for over 50 years. We know the real estate market in Philadelphia extremely well, having worked with some of the top landlords in the city.

Check out our latest real estate listings, and if you’re interested in the best time to buy a home in Philadelphia, we’re here to help. Contact us today to get the process started. Happy hunting!