Dear Lifehacker,
I'm planning on getting my own place soon, and I'm pretty flexible about when I can move. I've heard that I should wait until the Spring to start shopping for houses, but if I'm looking for rentals instead I should wait until the fall. What's up with that? Is there a best time to go house hunting?
Sincerely,
Movin' On Up
Dear Movin' On Up,
Good question! While the absolute best time to go shopping for a home is when you need and can afford to move, there are a lot of things to keep in mind that may make one part of the year better than another. Each season has its pros and cons, and where you live plays a role too. Let's take a look.
Spring and Summer Offer Choice, but Competition and Cost
Most people interested in making a move start thinking about it when the weather gets warm. It makes sense: warmer temperatures are ideal for walking around outside, scouting out neighborhoods, visiting open-houses and spending your day checking out potential apartments. Cold weather months make people want to stay inside, the holidays and busy shopping season makes people less inclined to spend a lot of money and their calendars are booked with social and family obligations (not to mention holiday travel!) Real estate experts often say the best time to sell your house is in the spring, and advise against selling in the winter, and the same rules generally apply to landlords looking to fill vacancies, although people generally apartment hunt year round.
That means a couple of things for you as a shopper. First, you'll have more selection in the warm weather months, so if you're looking for the most possible opportunities for find the right place for you, wait until it warms up a bit. At the same time, that's also when you'll face the most competition, since everyone will be out looking for a new place to live as well. You'll have to wade through other people crowding you out of open houses, beating you to the punch on Craigslist apartment listings, and bidding wars for that house you want to make an offer on. Plus, since competition is high, moving companies charge more by the hour in the spring and summer, since everyone wants their services around that time. Even if you plan to move on your own, rental truck costs, boxes, and even shipping fees go up as the temperatures do.
Fall and Winter Offer Great Bargains, but Difficult Moves and Less Selection
On the other hand, fall and winter, the cold weather months, offer some unique opportunities. If you're interested in saving money, the cold weather months are the times of year where you can get the best rates on rental trucks, moving companies, and likely negotiate the best possible rent or offer on a new home. Fewer people are selling during the winter months, precisely for the reasons we mentioned. Fewer buyers overall, social obligations and a reluctance to spend money during the holiday season, and a time of year where it's just not as much fun to walk around neighborhoods and tour houses and apartments all make it difficult for someone selling a home or renting an apartment to close a deal in the middle of the winter.
At the same time, that makes it a great time for you, as a shopper, to strike. You can negotiate killer rent, and since houses on the market in the winter usually need to sell or are for sale by people who just have to sell them, you often have a buyer's advantage. The same applies (although not to the same degree) with apartments—apartment communities and individual landlords may offer incentives to get you to move in during their slow months, especially if the alternative is that the unit sits open until spring. Just keep in mind that cold weather months suck for moving. You may get a great rate on a truck or moving company, but it'll be a slower move (so you may pay more by the hour), and you might have to deal with snow, ice, or other inclement weather. Take it from someone who moved during an icy January weekend—it's no fun, even if it's cheap.
Where You Live Plays a Role too
While these rules generally hold true anywhere (except maybe the southern hemisphere, where the warm weather months are during the holidays and the cold weather months are mid-year), where you live plays a big role as well. For example, if you live in a college town, you'll probably see the apartment and housing market swell and diminish as students move in and out of town. If you're looking for an apartment near campus in the months leading up to the beginning of the fall term, you'll likely be out of luck. Look again after graduation, heading into the summer, and you'll have your prime choice and less competition. The same applies if you live in any location where the time of year plays a role in how many people are around.
Make sure to study the neighborhood you plan to live in closely, and see what you can find out about it. What factors about its climate, tourism, or local events might play a role in the housing or rental markets? Similarly, hop over to sites like City Data to find out median gross rent, housing status, vacancy numbers, and so on. Check out the forums, and ask the locals when they think is the best time to buy. The more research you do ahead of time, the more you can strike at the right moment if you're looking for a bargain on your soon-to-be dream home.
The Best Time to Move Is When You Need to Move
Finally, keep in mind that the best time to move is when you need to move. If you can afford it and you're in the market, it's generally a good time. We're usually not big fans of trying to chase trends or wait for a market to turn around in order to make a move that you're prepared to make. Just do your homework in advance, and if you can afford to wait for the right time or keep looking until you find a great deal on a great place, by all means do so.
Try not to paint yourself into a corner where your lease is up in a week and you have to be out as soon as possible. Similarly, don't let yourself get caught in the position where you've already bought a home and you're still trying to sell your old one and paying two mortgages. Neither situation is a good place to be, and they're all easily avoided with foresight. Before you go house hunting, make sure you know what to look for, and steer clear of some common pitfalls. Check out our Q&A with a home-buying expert for more tips. Before you rent a new apartment, always do your homework and ask the right questions. Don't forget to get everything in writing, too. Good luck!
Happy House Hunting,
Lifehacker
Have a question or suggestion for Ask Lifehacker? Send it to [email protected].
Photos by inxti (Shutterstock), Casey Konstantin, Jim Larrison, Quinn Dombrowski, and Kristian Bjornard.