Buying a house is an important decision, full of enthusiasm but one that requires patience and some study time.
However, and as with any other type of market, sometimes choosing the right moment can work in your favor to obtain better buying conditions.
For example, if you are looking for a specific location or if you need to buy urgently, it will be more difficult to take advantage of fluctuations in the real estate market.
In the first case, our advice is not to be in a hurry and to choose the best mortgage; in the second case, a property and conditions that adjust to your present needs will prevail. Contact our Conveyancer to get the information about how real estate has occupied as an investment asset to individuals today. To get proper guidance and pathway of Conveyancing please contact our experienced team.
However, if you want to invest or acquire a second residence, it is important that you analyze how the market changes annually and what is the best month to buy a flat.
In this way you can have a greater offer and a better price. From Deplace we give you the keys to do it.
The Best Month To Buy An Apartment According To Statistics
Neither the experts nor the statistics agree on which is the best month to buy a flat or a house in a clear and objective way.
Despite this, the National Institute of Statistics provides data that can answer this question.
Thus, during 2019 there were three important peaks in the sale of homes: January, May and July, with the first month of the year being the one with the highest activity in the real estate sector, both for new and second-hand homes.
These data are very similar to those published by this same entity in 2018, when the sale of homes nationwide had its highest peak in January, followed by the months of May and July. In contrast, the worst months were March and December in both periods.
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Following this trend, it can be said that the best month to buy a flat or a house is January. But is this pattern always true? What if, instead of a month, we look for the best time of year to buy?
If we make a quarterly calculation, in the fourth quarter of 2018 (and according to data from the Ministry of Development), 16,257 transactions were registered out of the 50,937 that were carried out throughout the year, which represents more than 30%.
This means that, although January may be the best month to buy an apartment, autumn is the season in which this type of real estate transaction is most common.
The reasons are fundamentally three:
- In the first place, after the holidays and the return to routine, some people plan to bring their accounts and assets up to date, which often involves putting apartments and houses up for sale, mainly second homes.
- Second, let’s not forget that September is also a month of changes at work and personal level, and many people take advantage of the new course to change the city or city neighborhood.
- Third and last, many investors delay their real estate deals until the last quarter of the year because the real estate market is already on the move.
What Does The Real Estate Market Say?
January, The Perfect Month To Get A Good Sale
For many, January is the best month to buy an apartment because it is the time of greatest sales in the sector (many real estate companies take advantage of the first month of the year to propose a kind of “sales”), and this can allow buyers to get good prices.
On the other hand, since the majority of purchases are made at the end of the year, January is a month in which the housing supply is lower, which allows detecting good acquisition opportunities.
And furthermore, as most flats and houses go up for sale in the spring, after nine months many owners want to get rid of properties offering better prices and more advantageous conditions for buyers.
Finally, many people consider that buying a flat at the beginning of the year has some advantages on a tax level.
Many of these advantages are regional, so it is important to inform yourself about the situation in your autonomous community.
Also, some taxes are paid in early January, especially for luxury homes, which can be a claim for your sale.
Spring, The Best Time To Buy A Second Home
But is January also the best month to buy a flat on the beach or in a vacation area?
Broadly speaking, no. After the Easter holidays and with the arrival of spring, the mortgage market, especially the second-hand market, is reactivated. In fact, May and July are two good months to buy a second residence, but also a habitual residence.
The reason, in both cases, is quite obvious. On the one hand, many sellers and real estate agents prefer to do their homework before going on vacation, so the supply increases.
In addition, if we want to make a reform to start the course in our new home, the summer months (June and July) are a good time for work, reforms and/or rehabilitations.
In the case of second homes, the moment of maximum sales rebound is usually after Easter, when many families consider investing in an apartment or a house to enjoy it in the following holidays (that is, during the summer).
August, The Worst Month To Buy A Home
According to experts and statistics, the summer months are the worst for selling a home. In part, this is because both sellers and potential buyers are on vacation.
In fact, home sales plummeted in August, considered one of the worst months to buy a flat or a house along with October, February and March.
The Advice Of Our Experts
It is clear that following the indications of the real estate market can be a basis to identify which is the best month to buy a flat or a house.
However, if you are looking for a specific house, our advice is that you take it patiently and that you consult with professional realtors like ours even to find the home of your dreams.
Throughout this process, our experts will accompany you to advise you and help you analyze your needs and circumstances before making the decision.
Look To The Future
You will spend many years in your future home, so the ideal is that before buying, you take into account not only your current needs, but also future ones.
Make A Budget True To Your Economy
Many clients look for a home without taking stock of their situation and financial possibilities, and this is a serious mistake.
Before buying a house, keep in mind that banks “will only grant you” 80% of its value and that you must assume around 15% of the amount in management expenses.
You must also reserve money to pay other expenses associated with the purchase such as taxes, community, furniture, moving, etc.
Choosing the best month to buy an apartment is very important, but it is much more useful to choose the mortgage that best suits your financial situation.
Assess the interest rate and, above all, the repayment term. Our advice is that the amount of your mortgage payments does not exceed 30-35% of your monthly income.