By JAMES CIRRONE FOR DAILYMAIL.COM Published: 09:41 EST, 9 February 2025 | Updated: 10:14 EST, 9 February 2025 For those looking to buy a home, it might be wise to time the market to get the best deal possible. Dave Ramsey, a personal finance expert, recently told his audience that there are certain months of the year that are better than others to put in an offer.’If possible, it’s good to buy a house at the time of year when prices are lowest and inventory is highest. Traditionally, that’s August or September,’ he wrote in a blog post on Ramsey Solutions, the company he founded to help people get out of debt.He explained that home prices tend to drop after the summer rush and into fall, since fewer buyers are on the market and inventory is still high.’On the flip side, the worst time to buy a house is typically the late spring and early summer (May through July),’ Ramsey wrote. ‘That’s because tons of people are in the market to buy a home—which means you’ll face more competition.’Ramsey said September would have been the best month to buy because the median home price dropped nearly five percent to $406,700 from June’s $426,900, the high point of 2024.However, if you’re looking for the absolute lowest price, winter is the best time to go house hunting, according to Ramsey. There is a drawback to this though, as there’s often a far thinner stock of available homes to choose from in the winter, especially right after the holidays.When there are fewer homes, competition between buyers is more vigorous and you could end up losing out. Or you could be in a better position to negotiate with the seller.’The number of homes for sale saw its greatest drop from November to December—losing 140,000 homes from the market,’ Ramsey wrote. ‘Still, less demand for homes could give you some bargaining power when it comes time to make an offer on a house.’February 2024 was the cheapest month to buy a home last year, with the median price coming in at $383,800.Ramsey stressed that for any of this to matter, a buyer has to first have healthy finances.’No one can predict real estate trends with 100 percent accuracy. So never let what month it is make or break your home-buying decision—only your financial situation can truly determine the right time for you,’ Ramsey wrote.According to Ramsey, you’re only ready to buy a home when you have no debt and an emergency fund with enough money to 3 to 6 months worth of your typical expenses. Additionally, Ramsey said your monthly home payment shouldn’t be more than 25 percent of your take-home pay.That includes the principal and interest of your mortgage, as well as other costs like property taxes, homeowners insurance, private mortgage insurance and homeowners association fees.Ramsey said buyers also ought to be able to handle the unexpected costs of owning a home, especially maintenance since there’s no landlord there to fix problems.Ramsey’s advice comes at a particularly fraught t
Mer. Feb 12th, 2025
