Most people think the best time to buy a home is in the spring and summer but it isn’t necessarily true. Though, it is typically the busiest time for buying or selling a home – a spring or summer move fits nicely with school schedules and there’s nice weather for moving furniture from and to a house. It’s also a great time for some spring cleaning. In the spring and summer most people are looking for a change and want to get out of the house after being cooped up all fall and winter and a new house sometimes seems to align well with that plan.
However, the fall and winter are also a great time to buy and here’s why:
Homes sell for less. Statistics show that homes tend to sell for less in the winter months. If you choose to wait until the popular spring and summer months to sell, you would be looking at a higher market list price and a more competitive market, which could mean spending more or missing out on your dream home.
Buyers and sellers are motivated. This works out in everyone’s favor. Again, since both parties involved are serious about moving, the process can go more smoothly since both the buyer and seller are motivated about the impending transaction. Since the market isn’t as busy in the fall and winter, people buying and selling more likely have to buy/sell (due to divorce, job move, etc.) as opposed to wanting to move.
The best time to sell also depends on your timetable. When do you want to be out of your house and in another? How long will escrow and closing take?Work backwards from there. Most buyers should start the hunt 3 months before their desired move.
Have questions about when the best time to buy is for you? Talk with a realtor today.