Winter is a busy time of year for people – the holidays are here and there are so many things to accomplish before the end of the year. You may wonder how people think about real estate at such a busy time, but believe me they do! Many wonder whether it is a “good”time to buy or sell a home now, so here are some things to consider.
Buying a Home at the End of the Year
1. Less inventory to peruse. There is typically less inventory to see at this time of year, as busy homeowners focus on holidays and accordingly wait to sell or take their homes off the market.
2. Serious sellers could = lower prices. Those who do have their homes on the market need or want to sell, and are not deterred by the holidays and slower traffic. This is a great situation for buyers, as they may be able to negotiate better prices.
3. Less Competition. With fewer buyers out looking at homes it makes it a great time to be a buyer.
Selling a Home at the End of the Year
1. Less competition inventory. There are typically fewer homes on the market during the winter/holiday season, so it is a great time to market your home.
2. More serious buyers. Unlike summertime, when there seem to be a lot of “looky-loos,(especially if you live in a beautiful area like San Diego where there are a lot of summer tourists) ” buyers out looking at homes at this time of year tend to be more serious and ready to purchase.
Buying a Home in the Spring/Summer
Buyers who wait until Spring to start their home searches tend to encounter:
1.More inventory to choose from
2. More buyer traffic, which could mean more competition and multiple offer situations
3. Prices tend to be higher
4. Shorter market times, which means less time to really look around and make a decision.
Selling a Home in the Spring/Summer
1. More inventory on the market, thus more competition
2. Prices tend to be higher
3. A larger buyer pool
The best time for you purchase a home will depend on many things. Make sure also to check with your accountant to see if there are any benefits for you that could affect your purchase window. Whenever you decide to purchase, make sure you do your homework and contact an experienced agent to assist you. Happy shopping!