When’s the Best Time of Year to Buy or Sell Real Estate?
(Clue: It’s probably not when you’re thinking!)
OK, this is one I get asked all the time by clients – and the answer’s more complex than you might think – so read on for a tangy dose of myth-busting!
But first, let’s look at what most people think they know…
The ‘accepted truth’ is that early summer’s the prime time for sellers to list their homes and get a top-dollar selling price! Likewise, we’re always being told that buyers need to be looking in late fall if they want to snap up a bargain…
I say: Fake news!
Thing is, once you believe it, everyone just ends up following the herd… Sellers get busy listing in the spring months to make sure their home’s up for grabs at the ‘right’ time, and buyers put their bargain-hunting caps on ready for November!
A market that’s saturated in the spring/summer months, and a lot of competitive buyer’s chasing the (very few) homes that are newly listed in the fall! That’s why the stats just can’t be believed… Sometimes the numbers back up the idea that most buyers love shopping for homes in good weather (and spend more in the summer), but other stats show that it’s a total myth!
Here’s the worst part: Even though some stats show that more homes sell in the summer, that’s often because there are just sooo many homes newly listed at that time of year. So, don’t just look at the overall sales – because you also need to ask if that kind of fierce competition could actually make it harder to sell your home!
And how about buyers? Sure, some stats show that homes sell for less in fall/winter, but even if that’s true, do you really want to be shopping for a new home at a time when there’s less choice on the market? #whysettle!
Last big point… A lot of what you read about ‘seasonal real estate patterns’ only has a tiny impact if you live somewhere that’s warm all year round… Yes, I’m talking to you my little SoCal sun-worshipers!
So, I’ll close things off by putting this wacky idea out there…
The ‘best’ time of year to buy or sell a home is really just the time that works best for you… So, stop obsessing over the stats, and think about how your big move fits in with the rest of your life!
Loads of love and luck,