Buying a house can be an extremely daunting experience, but knowing when it is the best time to buy will undoubtedly help you in the process. Where most states suggest that winter is the slowest time for the housing market, Arizona is slightly different. Because of the extreme summer heat, summer is the slowest time for the housing market, but depending on your end goal this can be a good thing. Depending on your qualifications for house hunting, there are 3 different best times to buy a house in Arizona. The first one is during spring, the next is summer, and the third best time to buy a house in Arizona is in October. With these three different times, each will offer you something uniquely different from the other.
Springtime, the months between March and June, is one of the best times to buy a house in Arizona because this is when you will be given the most buying options. Because most people don’t want to uproot their children during the school year, they will wait to put their house on the market during spring in hopes to sell it by the start of summer. This allows families time to finish out the school year and different activities before packing up and moving to a new location. This is a common theme statewide, therefore home-buyers are given a nearly unlimited supply of soon-to-be vacant homes to choose from. If having variety and options are your main concerns when shopping for a home, and price is lower on the totem pole then springtime is when you are going to want to start your shopping but you have to remember that variety comes with a price. The only downside to buying a home in spring is that you will be up against other competitors which could mean bidding wars and higher priced homes. Statistics show that those who buy during the springtime pay roughly 1.2% more than the current market value of their home, but again if you want options you have to be willing to pay the price.
Unlike other states, summer is Arizona’s slow season in the housing market. This is due to the extreme heat and the snowbirds leaving for cooler climates. The slow season is one of the best times to buy a house in Arizona because sellers are willing to negotiate and work with buyers because they have less bidders. Although there are less houses on the market, which means less of a variety, the houses seem to be priced slightly lower than they would be during peak selling season. If home-buyers are more concerned with saving money than having unlimited buying options, this is the best time to buy a house in Arizona. Now, this doesn’t mean the options are going to be less than worthy of your tastes, there are plenty of people who put beautiful houses on the market during off-season due to job relocation, divorce, or in extreme cases because of a family death. For those who were not entering into the summer with plans to sell, but a life-changing event is causing them to put their house on the market, they often need to sell quicker therefore they will price the home lower than market value in order to expedite the process. For home-buyers looking to save, summer is definitely one of the best times to buy a house in Arizona.
Statistically, October is the best month to buy a home anywhere in the United States, and it is no different for Arizona. According to RealTrac, one of the nation’s leading real estate information companies, over the last 15 years the average sales price of homes were 2.6% lower than the average full market value if bought during the month of October. For home-buyers looking for big savings and who are willing to move during the school year or around the holidays, this is one of the best times to buy a house in Arizona. Due to less competition because most people are not willing to move in the later months of the year, buying in October will guarantee you savings.
Depending on your priorities and qualifications, the best times to buy a house in Arizona will vary. When starting the home-buying process it is important to look at your options and acknowledge when the best time for you to buy would be. If you have time on your side, it may be financially smarter to wait until summer or even mid fall to buy a new home. If you want a nearly unlimited amount of homes to choose from, and money isn’t as big of an issue, springtime is going to bring you the most options. Use these tips to narrow down when it is the best time for you to buy a house in Arizona and go from there. Now, happy house hunting!