Peak Season: The Best Time/Months to Buy a Condominium

If you're in the market for a new home and condo living, you might be wondering when the best month to buy a condo unit. Certain months of the year are better for homebuyers than others due to seasonal real estate patterns, which can affect factors like property supply and prices.

Naturally, recent economic developments have disrupted traditional seasonal patterns. In many real estate markets, condo unit values have continued to rise sharply since the outbreak.

The worst month to find a deal is May. Pent-up demand and buyer rivalry following the BER months can lead to bidding wars and higher prices. Buyers pay the largest average premium over market value in May.

November's end is the ideal time to find sales. Buyers then pay the lowest yearly premium. Since many other buyers probably completed their house purchases by the time the school year began, there is typically less competition from them. Additionally, sellers might be more open to haggling at this time of year, particularly if their ads have been live for a while.

In November (the month with the best deals), October, December, or January, you might be able to get a better deal if you don't mind having fewer options. You may also be able to close more quickly as an added bonus. This is due to a few of many factors, including:

• Real estate agents might be easier to get in touch with regarding your condo purchase.

• Less applications of bank loans and in house financing are processed by lenders.

• Scheduling a condo unit inspection is simpler.

Things to Think About When Buying a Condo in the Philippines

Though there are other aspects to take into account when determining the ideal time for condo ownership, condo unit inventory and prices are impacted by each month. Trends in the real estate industry, for instance, differ from city to neighborhood. No matter when you shop, you'll probably find higher prices and less inventory if you're in a hot market for condo units. Finding a deal might still be possible, but you might need to adjust your wish list in terms of neighborhood, house condition, condo fees, property taxes depending on location, homeowner association fees, flexible payment terms, and maintenance fees.

Furthermore, mortgage rates are currently a major factor to take into account, as many prospective buyers find their loans to be unaffordable. A lower purchasing power due to high interest rates also means that many buyers can afford a smaller home on the same budget. Many prospective sellers, however, are hesitant to give up the convenience of the fixed low mortgage rates.

Should I Wait or Buy a Condo Property Right Away?

It can be difficult to decide whether to buy now or later. Purchasing now can allow you to move into your own condo unit or lifestyle has changed, or into a simple studio units for the first time if you are currently renting. Alternatively, you could begin building equity immediately and steer clear of future mortgage rates. The condominium market cannot be timed. Therefore, if you find a home you like and your finances are in order, buying now might make sense.

Of course, there are a number of strong arguments against buying a house right away. For instance, you ought to hold off if your credit score is low, your finances require attention, or local inventory levels appear to be rising. In this manner, you may be able to negotiate for a better mortgage rate or be in a better position to qualify for one. 

Best Month to Buy Condo Philippines

If you're looking to buy condo units, September through January is probably the best time to find the best deals. March through May is usually the most expensive period.

The worst month to find a deal is May.

Is December a Suitable Month to Purchase a Home?

December is a great month to buy a condo unit because there is typically less competition amongst buyers. Given the approaching holidays and the fact that buyer interest is lower than it was in May, sellers might be more open to haggling in order to close a deal. There are more promotions and a year-end sale coming up.

Due to the year-end and the possibility that sellers may wait until the summer to list new inventory, when there is more competition, buyers may experience a relative need for more inventory.

December house purchase

Due to the impending holidays, many families prefer not to tour properties or move in during November and December; this explains the traffic at shopping malls, hectic schedules at work and school, and holiday commitments.

That does not imply, however, that purchasing a home in November is without its problems. There may be less housing inventory, but since there is less buyer competition, you have more negotiating power.

Is March a Good Time to Purchase a Condo Unit?

Not often. In the Philippines, summer is usually one of the best seasons to buy inventory, but there's also more competition, which can lead to bidding wars and less room for haggling with sellers.

It's also a good time to contact your real estate agent and tour several properties and examine the external landscaping and open spaces because of the pleasant weather. You get to check how condo living experience must be.

March house purchase

The upcoming summer in the Philippines is a popular time to move, but there are advantages and disadvantages for buyers.

The warmer months will probably see an increase in the number of properties for sale, especially as families get ready to move toward the end of the school year. Sellers, however, will probably look for offers over list price and be more stern during negotiations because they are aware that summer is a busy realty tax and estate season. There's a chance that with multiple house offers, the inventory will go quickly and prices will rise.

June: Is It a Good Time to Purchase a Home?

August is a better time to buy than early summer because there is usually a healthier balance between prices and inventory in late summer. Many condominium unit continue to have high levels of demand and inventory in June and July, which benefits sellers more than buyers did from March to May.

Less negotiating power than in November–January for purchasers who are not in a rush to buy is one possible drawback. Working families may find it difficult to tour homes during summer break if they have to make childcare arrangements. If you close on the first day of the new school year, it can also be difficult to complete a last-minute move when switching school districts.

Buying a house in June-August

Summer break from school is one of the busiest times for real estate. These months are great for moving because of the warm weather and lack of school. Due to increased competition during the summer months compared to other times of the year, many homebuyers end up paying more than they would have during slower real estate seasons.

June is a good time to buy a house if you want a wide selection of properties available, as this is when home sales typically peak. But there is also a lot of competition this month.

Is September a Good Time To Buy a Condominium Unit?

One of the best times to purchase a property is during the rainy season, when buyers can usually bargain for a better deal before the sellers remove their property from the market in December. Even though there may be fewer buyers than in the summer, the inventory is still lower.

October is a good month to buy a house because the market is still reasonably active and prices are generally lower. Purchasing in this month still gives you time to settle in before the worst of the Holidays arrives, if severe weather is a concern.

Buying a house in September

Compared to the summer's peak months, September usually sees a decrease in both inventory and prices. Although a real estate agent might advise against buying now, keep in mind that people move every year. Since family needs, job transfers, and new employment don't always coincide with a specific season, September might be a terrific time to buy a property at a discount.

Summary

March through May: New and lots of inventory, so higher demand and price; Worst time to buy a house

June through August: There are still plenty of inventory options, but there is a lot of competition due to a small price drop; This is not the best time to purchase a home.

September through November: A better time to buy a condo units because of low inventories that lead to less competition and a slight price increase.; A good time to buying a condo.

December through February: It is the best time to become a condo owner because there are fewer inventories, lots of holiday promotions (like Habol Benta), and less competition because people are busy and occupied with the holidays.; The best time to buy a condominium unit.

Steps To Buying a House

Now that you are aware of the seasonal trends in home searches, let us remind you of the most effective steps to take in preparation for a purchase:

1. Determine the amount of debt you have, if any, and make any necessary payments. Next, review your credit profile to ensure that there are no mistakes.
2. Examine your current spending plan and imagine how it would alter if you became a homeowner. Would you incur expenses for upkeep and repairs? taxes on real estate?
3. Determine the amount of money you have available for a down payment, and be ready to record any gifts you receive.
4. Obtain a preapproval on your own or consider making an appointment with mortgage professionals, like lenders or brokers.
5. Decide on the neighborhood and home design you want to reside in.
6. Mortgage rates are prone to regular variations, so start keeping an eye on them.

If you are looking to buy a home, you might be excited to start showing condo units. However, there might not be as much inventory available depending on the season, which would make finding a lovely property within your budget difficult. The season you search in may matter because the housing market is somewhat seasonal.

How Does Buying a Home Affect Each Month?

The real estate market is influenced by seasonality to varying degrees, depending on the environment, where the property investment condo located and locality. Seasonal differences, however, might affect the quantity of properties that are available, the number of purchasers, and the prices.

Availability of Real Estate Properties

Generally speaking, there are more properties for sale throughout March-August months. Between September and February, the property market typically cools off and the inventory declines.

There are a number of reasons for this seasonal trend, including the weather, the school year, and holidays. Milder weather generally facilitates moving and condominium building viewing. Furthermore, for families with children, moving in the summer minimizes disruptions to the school year. For many people, moving during the holidays is also not the best option.

This does not imply that you will not be able to locate a fantastic condo in the Philippines in the off-peak seasons. There won't be as much competition, but you'll probably have fewer options. implying easier bargaining and a cheaper price.

The Economy

The state of the economy overall has an impact on housing costs as well. People are frequently more stable financially in a thriving economy, which raises their purchasing power and drives up demand for real estate transaction. People becomes less inclined to purchase and become condo dwellers when the economy declines.

Area You’re Buying In

The key to buying a condo is location. Prices will usually be higher many condos are in highly sought-after neighborhoods than in less sought-after ones when you buy. The price you pay for a home will be significantly influenced by the province, city, and neighborhood you choose.

How Financially Ready You Are

Your financial status is the most important factor affecting your ability in the buying process of a condo, even though it has no bearing on the real estate market. A seller's decision during negotiations may be influenced, for instance, by your ability to pay cash or by your mortgage preapproval.

Key Takeaways: 

• Seasons affect the availability and cost of homes, among other aspects of buying a property.

• You can determine the best months to buy a house as well as the best and worst days of the year to buy if you're just considering home prices.

• The neighborhood you're buying in and mortgage rates are two more variables that affect home prices.