When is the Best Time to Buy a House in California?
California has a lot to offer, including a world-famous coastline, beautiful beaches, and state parks, as well as thriving metropolises, and the eponymous Hollywood and Silicon Valley areas.
If you’re planning a home purchase in The Golden State, you may be wondering, what’s the best time to buy a house in California? Does it make a difference in how much I will need to spend or how long the process will take? What factors might impact the timing of my home purchase?
When is the best time of year to buy a house in California?
1. Summer (best selection)
Summer provides California home shoppers with the highest selection of properties for sale. Specifically, the end of May and June typically see the most home sales. However, summer is often cited as the most expensive time to buy a house — with prices as much as 16% higher in June as compared to winter months. This is partly because many families want to purchase a house before their children start a new school year.
Additionally, buyers often use summer vacation days to move into a new house, and they have the most mobility during the summer months. Because of these reasons, many industry publications will advise you to start your home search in January or February for a late spring or summer closing.
According to Jennifer and Andrew Oldham, a top-performing real estate team in California’s Bay Area, “Listings typically get posted after the Superbowl and then keep increasing through August. The least available inventory is during the winter holidays.”
2. Spring (good selection)
Spring is second to summer in only inventory and price levels for the California housing market. Spring carries with it a sense of new beginnings. The season blossoms with property selections and open house events that can enhance the excitement of the house-hunting experience.
3. Fall (fewer options, better price)
According to Forbes, early fall can also be a good time to buy a home because inventory in some markets is still plentiful, and those sellers are often eager to close a deal before the winter season begins.
Late fall to winter — specifically, through the holidays — can present opportunities for homebuyers to get a good deal, with California data showing that sales typically see another uptick in December as buyers strive to wrap up financial matters before the end of the year.
4. Winter (best price)
Echoing the Oldhams’ observations, data from the National Association of Realtors (NAR) indicate that winter typically has the least sales activity — with January and February being the slowest. But prices tend to be lower and buyers can often get eager sellers to offer concessions, such as covering closing costs. In addition, builders can be incentivized to negotiate to clear new construction inventory at the end of the year.
Ultimately, the best time of year to buy a house in California depends on your goals. Are you budget-minded, or do you want a larger pool of properties to choose from? If the home is an investment, the best time to buy is when everyone else isn’t.
To pick the best time for you to buy a house in California, the first step is to partner with an experienced agent in your selected market.
