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.