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Before making such an important decision, it is essential to know the best time to buy a home. If you plan to do it this year, keep reading.
Buying a home in 2023
This year 2023 in relation to the purchase of housing is marked by inflation and the rise of the Euribor and interest rates. Due to this, falls in sales and a decrease in the price of homes are expected.
However, the real estate market in 2023 will remain stable.
Before buying a home this year, buyers should take into account:
- The time of purchase.
- The real estate offer.
- Financing conditions.
- The price of the house.
- The savings you have.
Best time of the year to buy a house
Although it is possible to purchase a home at any time of the year, each time of the year has its advantages and disadvantages when carrying out this type of operation.
This can make a significant difference in a large transaction.
Buying a house in spring
The months leading up to summer are a good time to visit both first and second homes as the days are long and the weather is beginning to improve.
For the purchase of a first second-hand home it is a good time since it is a good time to carry out a reform in it.
Regarding the acquisition of a second residence, if it is purchased in the spring it will be ready to enjoy in the summer months.
Buy a house in summer
In the summer months the number of homes that are for sale is less than the rest of the year due, on the one hand, to the fact that many of them are used for vacation rentals.
Because the supply decreases, prices increase during the summer, so it is not a good time to invest in a home.
In addition, it coincides with an increase in spending in most families, as it coincides with family vacations.
On the other hand, summer is a good time to review the market and the available offers.
Buying a house in the fall
The best months to buy a home are in the fall. What’s more, the most recommended month for home buying is October.
On the one hand, the number of new construction homes is greater, so there is a greater supply and prices fall.
On the other hand, financial institutions usually improve their offer because they are in the last quarter of the year and have to meet annual objectives.
Buying a house in winter
Winter is not usually a good time to buy economically since it coincides with all the Christmas expenses and the January cost.
The positive aspect of these months is that there is usually an offer that has not been sold during the year and it is possible to negotiate price reductions.
After seeing the advantages and disadvantages of each time of the year, there are better times than others to make the purchase. Therefore, and as we have seen, the best time of year to buy a house is in autumn.
Keys to choose when to buy a house
To know if it is a good time to buy a property, it is important to take into account some factors
Financing
The increase in the Euribor has generated fear of contracting variable-rate mortgages. This has meant an increase in the demand for fixed rate mortgages.
Thus, banks are offering options with higher interest rates.
However, access to mortgages is complicated and, due to the decrease in demand, financial institutions are forced to make a price correction.
Price
The drop in demand for housing can cause a drop in prices. This will occur in areas with a lot of supply and where there is not great interest from investors and buyers.
Prices will remain stable in large cities and tourist areas.
Time
Most buyers may need more time to make the decision to buy a new property due to economic uncertainty.
Housing type
In the case of new housing, there are several factors that affect its construction, such as the war in Ukraine and the shortage of raw materials.
That is why Second-hand homes are a more attractive option. In addition, they are delivered immediately and the exact interest rates of the mortgage are known. As we have seen, knowing the best time to buy a home can make important differences at an economic level. The best time to do it is in autumn and the ideal type of home is second-hand, although currently interest rates and financing conditions are not the best.
Further information
This article is part of our service Real Estate Lawyer in Spain. Visit this section where you will find all the useful information on this topic, including a complete guide on How to buy a house in Spain.
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