New Year, New Home? Best Times to Buy & Sell Real Estate
The best time to buy or sell a home is a common topic in real estate. Generally the go to response is to list in the spring as June is the peak month for home sales. However there are several factors one must consider before jumping into the listing process. The economy, current events, type of home and the city you live in are just a few variables that will affect the answer to this seemingly simple question.
Why Spring? Mild temperatures have a huge impact on potential buyers as they come out of a long, dreary winter. With long days and warm weather, the spring months allow light to fill the home creating a bright, airy atmosphere. If buyers have children, the urge to move and get settled in before the school year is also a motivating factor. Sales will begin to taper off in the summer as families begin planning summer holidays and vacations.
With an increase in listings on the market, buyers have more options to find a home that is just the right fit for them. However, the high inventory has its drawbacks as more competition means sellers can list at a higher price point making affordability an issue. On the contrary, for homeowners and developers looking to list, spring is the ideal time to sell fast for the most money.
Fall is a common season to list especially if the weather remains warm through September and October. The curb appeal in autumn as the leaves begin to change and daylight hours are still long bring a warm inviting atmosphere to home listed for sale. While winter is consider off season, don’t write off the season completely. January and February home shoppers tend to be more motivated. With fewer listings to see, sales are often quicker and for a better price as competition decreases. Buyers however must look past the negative curb appeal with shoveled snow, short days and minimal light.
If you are set on selling in the spring but your home isn’t ready to list, don’t rush it! Make necessary improvements before putting on the market. The last thing buyers want to see is a home that has been listed for weeks or months. With so many variables in play, it’s highly recommended to talk to an agent before making any decisions. They will assess your particular situation to help you prepare to buy or sell at the appropriate time.
Thinking of is listing your home or buying a new one? Contact Jordan Brody & Co. today. We’ll help you decide if now is the right time and put a game plan in action.