The simple answer: Neither.
The best time to buy a house depends on your personal situation. Factors such as finances, availability of the right home, and your readiness to commit can affect your optimal time to purchase.
However, there is debate on both sides to the above statement.
Myth – There are many buyers looking to purchase at this time of the year. Houses show better in the spring and more people have recovered from the Christmas/Holiday Season expenses; however, this means that there are more bidding wars and more competition for buyers creating higher prices. The other con with more buyers is that there may be a lot of pressure to make quick or rushed decisions. This being said the best time according to this theory would be in the early months of the year when there is less competition from other buyers.
Fact – Spring brings many new beginnings. Sellers are more motivated to sell during the spring which is beneficial to buyers. Typically there are more homes on the market in the spring making it easier to find the right home to suit your needs and wants. Also, the spring time allows you to see a home to its full potential. In the winter you do not get to see the fresh gardens or what the yard of a home truly looks like, but in the spring you get the opportunity to see the whole picture of what you are looking at purchasing. Plus if you have children, buying at this time of the year allows the children to finish the school year and if a school transfer is needed they are able to make that transition in September. Another added bonus would be not having to move in the snow, but being able to move during nicer weather.
With both sides considered, the right time to buy a home is truly dependent on you. When you are ready to make that step, ensure that you have the right agent and are an informed buyer!
Happy House Hunting!