As a Real Estate Licensed Salesperson, in the State of New York, for over a decade, I have often, been asked, if there’s such a thing, as the best time, to buy a house. However, while this differs, from individual, to individual, the short answer, is, it depends! It depends on the local market, one’s needs, goals and priorities, availability, personal finances, and, whether one locates, what he considers, to be, his dream home. Many perceive, there is something magic about Spring Market, probably because, traditionally, the most houses, have been sold, during this period, but, the reality is, houses sell, year – around.
1. Spring Market: Traditionally, this period, has witnessed the most real estate action, and activity, probably, for many reasons. One is, in most regions, while the weather in winter, is iffy, and in the heart of the summer, there are many family vacations, and the heat is sometimes, offensive, etc, and autumn/ fall, is Back to School, etc,, Spring buyers are able to move into their houses by summer, prepare calmly for school relocations, etc. However, during this period, sellers will have the most competition (number of other houses, listed, on the market), and buyers will also find competition, in most economies. However, it’s important to realize, we sometimes witness a buyers market, other – times, sellers have the advantage, and sometimes, its more balanced and equal. Know which market is taking place.
2. Summer Market: Those houses, listed in Spring, which for some reason, fail to sell, often, remain on the market, during the Summer, and we often, witness, these houses, offered, at lower prices (known as price adjustments). While fewer houses, often, are listed, during the heart of the market, many more, have been coming on, in recent years, because of the prolonged, Sellers Market, and the belief, there may be, an opportunity. Fewer home buyers look, in the hot weather, and more, are on vacation, but, we often, recognize, those buyers, still looking, are often, more serious, etc.
3. Autumn Market: While traditionally, this period was often, a slower one, in recent years, after the Labor Day period, and Jewish Holidays, we have been witnessing a far more active market. In today’s world, people move, when it’s right, for them!
4. Winter Market: Usually, there are, both, fewer sellers, as well as fewer buyers, but, those, buying and selling, are often, very serious, and, therefore, we often witness houses listed, at more realistic prices, from the start, and, although, fewer (in number) buyers might be looking, those, who are, are generally, looking, to buy, rather than, merely, to look!
Spring, Summer, Fall or Winter, when is the best time to buy or sell? In today’s real estate world, the answer is when the combination of needs, priorities, and financial preparedness, are key factors!