When is the Best Time to Buy a Luxury Home?

Posted on: 30 June 2020

Buying a luxury home is a big time commitment as well as a financial one. You want to find the right home for your family that makes the most financial sense. There are some times of the year that offer more options on the market than at others, but is it really the best time to buy a new home? Should you follow the crowd and buy when everyone else is also looking? It depends on several factors. When is the best time to buy a luxury home? It really depends on what you need and your time frame for buying the home.

Think About Buying a Luxury Home Off-Season

When most people think about buying or selling their luxury home it's typically in the spring or early summer months. The weather is better then, there is more inventory on the market to choose from and the move is easier in the warmer weather too. But is it really the best time to buy a luxury home? In fact, you should consider skipping buying in the spring and summer and buy in the off-season instead.

This means buying a home in the fall or winter months. It's true there is usually less inventory available on the market during this time, but there is still plenty around if you look for them. You will have far less competition on bidding on your chosen home than you would in the spring and summer and are more likely to win without having to go through a bidding war. You may also be able to negotiate a price that is more in line to what you wish to pay for the home. Instead of dealing with multiple buyers and having your bid go up, you are more likely to get a purchase price that's favorable to you.

Buy After or Before a Major Holiday

It goes along with buying luxury homes in the off-season, but if you buy your home after a major holiday such as Christmas, you most likely won't have as much competition either. Many people do not buy homes in the early part of the year because they have spent a lot of their money on Christmas presents or celebrating another major holiday. You can also buy just before a major holiday like Christmas. The same reasons apply, people are busy getting ready for the holiday and aren't putting their money toward a major purchase like a luxury home. This means less competition for you and a better chance at getting a fantastic price for the home.

Plus, if a homeowner is selling during this time, they be more willing to work with you and be flexible with closing dates.