The Right Time of Year for Buying & Selling a Home
When is the best time to buy or sell a home?
As the saying goes timing is everything and choosing the right timing for selling or buying a home can save (or cost) you thousands of dollars.
Best time to Sell
The spring and summer markets tend to favour sellers. There may be more home inventory in the spring for buyers to choose from, the competition usually bodes well for sellers. The nicer weather encourages buyers to get out and look at potential new homes and the homes show better in the nicer weather. Buyers with children, find home shopping in the spring/summer more preferential so they can move in during the summer. Autumn can be a good time to sell. If the weather’s mild your home will still look good and there are no major holidays to contend with. Make sure you’re ready to move quickly if you do find a buyer though because after October the market tends to slow right down.
Best time to Buy
The winter months tend to favour the buyer getting the best price. If someone is listing their home during the winter months that typically means they are a motivated seller, since their home won’t show as well during the winter and they will receive less buyer traffic. January’s holiday bills can also help to motivate a seller. There is less buyer competition in the winter months as fewer buyers want to trudge through the snow and cold to look at potential homes. Putting in an offer around the Christmas holidays can also be a good strategy. People are quite often in a good and generous mood over the holidays and this may result in a good deal for a buyer. Statistically speaking home price typically drop to a 12 month low in December