Best Time to Sell or Buy a Home? It Depends…

When’s the best time to buy or sell a home? That’s a great question. A lot depends on who you are, seller or buyer.

Traditionally, the best time of year to sell a house is in the spring. There are more active buyers in the market, so you have a higher chance of selling your home at a higher price.

Homes that were listed at the end of spring and beginning of summer tend to sell faster too.

There are several reasons for this: homes show much better with spring flowers than winter snow; the warmer and drier weather also facilitates more home showings.

Plus, families with children looking to buy, typically would like to move and unpacked before the beginning of the next school year.

This doesn’t mean you can’t sell your home in late fall or winter, but it may mean staying in the market longer and not taking full advantage of the potential price of the home. 

However, communicate with local real estate agents to determine when the best time of the year is to sell a home in your area and how to price it right to sell quickly.

Remember, no two homes are alike. Some are in mint condition and some need major work, such as a new roof, foundation problems or plumbing updates.

One way to find out all the things wrong with your home is to have a pre-inspection done on your home so you can fix the major issues before listing the property.

Once you’ve received your inspection report, it’s best to review the findings with your realtor.

With their knowledge of the current market and experience evaluating home inspection reports, an agent is well equipped to advise you on which repairs should be completed before listing your home and which ones can be folded into the sale.

So when should you buy?

The best time to buy a home, in terms of price, is the fall and winter. The reason is that competition has slowed down, but home listings have not dried up and hold-out sellers are willing to cut prices.

Buyers tend to have more negotiating power in these seasons and there might be a seller or two than has pressing reason to sell now than wait for the spring and summer seasons.

Waiting until the spring or summer may also cost you to pay a premium for a home. The competition is strong, so bidding wars are common in popular regions. Sellers know this too, so they are less willing to compromise on a lower price.

The reality for many buyers is that the best time to buy a home is when you can afford it.

For example, once you have your down payment, ready to afford the new payment terms of the mortgage, costs of the utilities, as well as the needed upgrades and home furnishings.

I say this because when I purchased my first home the down payment consumed most of my savings. I was lucky I could afford the monthly payments of the new construction home.

It came with nice upgrades and all new appliances. However, I didn’t have a lot of money to furnish every room right away. Over a few months of shopping for furniture, looking for deals, I had a completed house and was ready to welcome guests.

The best time

Bottom line, the best time to sell or buy a house is when you’re ready.

Take time to plan and consult with a financial planner with your needs, wants, and wishes. They can help you understand your big financial picture and help you make a better decision.

 

Test Your Financial Advisor’s Loyalty with These Simple Questions

You have a financial advisor in order to make certain you have budgeted your money correctly, have planned for future financial needs, and, in some cases, to turn some of

Sell Puts the Smart Way: Get Out Before Expiration Nears

Selling put options can be a great way to help increase the value of your portfolio without taking on too much risk. At its core, a put sale allows investors

refinancing

4 Pros and 1 Con of Refinancing Your Home

Two years ago the 30-year fixed mortgage rate was 4.6%. Today it is 2.9%. If your mortgage is in the high threes, you should consider refinancing. Refinancing would lower your

Easy Finance Tip: How to Calculate Your Net Worth

To calculate your net worth, just subtract your liabilities (what you owe) from your assets (what you own). While the equation is simple, it's important to get a snapshot of

Just a Few Bad Market Years Can Slam Your Retirement: How to Cut Your Risk

I believe one very underappreciated risk for investors preparing for retirement is the concept of “sequence of returns.” Sequence of return risk is the danger that the timing of withdrawals

Tai Chi Can Benefits for Those with Chronic Diseases

The Chinese martial art of tai chi can be beneficial to people suffering with chronic illnesses, according to research in the British Journal of Sports Medicine (2015), conducted by Dr.

Two Measures of Options Volatility That Matter

Most people often have a notion of what volatility means. They understand, at least conceptually, that it has to do with data of situations that vary over time. Weather is

3 Financial Habits to Adopt Before You Retire

Nobody wants to work until the day they die. We all want to get to a point where we can simply sit down, relax, and enjoy life.  Consider adopting these

11 Ways Eating Limes Can Protect Your Eyes, Heart, Joints and More

Most of us hear lime and think Corona beer or ceviche. Surprisingly, this little bright green fruit has many excellent benefits for your health and wellness. Limes are often overlooked

Why You Should Take Social Security Early and Invest

Social Security is a government program, so it is unnecessarily complicated. Working or retired? Married or divorced or both? Disabled? Private or public employer? All these factors affect your Social

5 Benefits of Opening a Health Savings Account

The tax advantages of a healthcare savings account are like those of a traditional IRA, a Roth IRA, or a 529 college savings plan. The account can be used like

A Simple, Easy Way to Lower Your Blood Pressure

According to the American Diabetes Association, one in three Americans have high blood pressure, and this condition may lead to other chronic diseases like heart disease and diabetes. There are