For buying and selling everything there is a season. The same is true for the real estate market. we highlight the best time to buy and sell property in this article. Any real estate agent or smart investor knows this fact. Therefore, market circumstances during particular times of year are more favorable for purchasing or selling.
Considering the real estate market “seasons” and the best times to take action can help you make smarter investment decisions.
Is the Real Estate Market Seasonal?
Is the Real Estate Market Seasonal?There are specific times of the year when the real estate market is shaking, and other times of the year collapses.
Generally speaking, December and January are quiet months, however, March and April are the busiest months.
There are some reasons behind this issue. Buyers usually increase their efforts to find a home, near the end of the school year in March and April. In addition, search activity is high in June and July.
Parents typically want their kids to finish out the school year before they relocate into a new home, particularly if the children will be changing schools. Also, the warmer weather in the spring makes it a more favorable time of year to move.
The market is usually quiet in December and January. Families prefer not to move during the restless holiday season, and it is less desirable when the weather is colder to relocate to a new home.
The slow period for real estate is September through December. Existing home sales fall by an average of 16% between August and October, and fall another 10% in November.
Sales in November through February account for about 27 percent of the average year’s total homes sales.
Sellers typically prefer to wait until peak season to sell since they can expect to get around 3 percent more than the annual average. Homes sold in December and January, on the other hand, usually close at 3 percent lower than the annual average.
Regional Differences
Peak season changes, Based on the region of the country. For example, in the Midwest, the peak of the season arrives in May, in other words, one month ahead of other parts of the country. However, in this region, there are fewer sales from October through February. In the Northeast, the home-selling season does not arrive at its peak until June and only lasts through August.
The Best Time to Buy and Sell is Spring and Summer
Spring and summer are the most obvious times to put a property on the market for sellers. Plenty of buyers are available during this time, and properties sell at a higher price. The best time to sell is spring. Inventory is still on the low side, and buyers, particularly families are keen to find their new property.
Because there are plenty of buyers, summer is still a great time to sell. Also, with lots of options available to buyers, it may take longer to sell your property.
If you like to be more specific, the best day to list your property is a Thursday. Because it is available for the weekend. Serious buyers who are shopping during fall or winter usually can enjoy one perk and are ready to make a deal happen.
Buying Property – Fall and Winter
If you want to buy a property, fall and winter provide you with a better chance to score a better deal. Sellers usually are looking for a quick sale once they advertise their property on the market in the fall and winter months. Since there’s less competition from other buyers, you have more chances to negotiate at a lower price.
Therefore, if you want to invest, colder months are the better time to find property at a good price. Based on some research, the best time to make an offer on a property is in January once the competition is low and sellers are more willing to negotiate. According to several pieces of research, the best day to make an offer is the first Tuesday of the month.
If you are interested in a certain property, don’t wait too long to make an offer on a property, particularly once hunting during peak season. If you wait too long it is possible to lose your desirable property since Properties can come and go on the same day.
On the other hand, your chances increase to find the right property, in spring and summer since it offers more options to choose from. If you have a certain type of property that you’re searching for you may want to begin seeking early spring.
Knowing and following these rules are all great, but a savvy investor can closely monitor the market all year long. However, having an understanding of the market’s ups and downs will assist you in knowing how to negotiate a deal based on the time of year.
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