Fales Real Estate

It was January 2021. The end.

…Okay, so, when’s the *next* best time?

I won’t bury the lead – the best time of year to buy is fall/winter. Read on, and I’ll explain why, talk about the trends I’ve observed, what changes and what doesn’t.

Assuming you can control the time of year you’re buying, aim for fall or winter. But a lot of times you don’t have the choice. For some people, their lease is up in June and that’s when they need to close by. For others, a job relocation, sudden family change, or many other reasons will determine when and why a person begins the search for their next home. But for those shoppers who choose, it’s typically spring into summer.

This may not apply to everyone, but it’s still a popular reason – Many people want to move in the summer simply because that’s when school is out. Don’t want to switch school mid year! It’s also better than moving in the freezing cold, it seems. It’s also easier to tour homes with no chance of snow on the ground, and sellers want as many people to tour as easily as possible – therefore there’s always an influx of listings in the spring. Lots of buyers in the market at once means lots of competition, which drives up purchase price and some offerors may waive inspections, among other improvements to their offer terms.

The other thing that thins the buyer pool in fall/winter is that many of those buyers from spring/summer are weary of home shopping and decide to put it off next year. Such a bummer, by the way. However, if you’re looking to buy, it’s good news for you!

I have a great example to illustrate my point – Once, I helped two people purchase a home in north Wilmington in great shape with an inground pool for under 400k and great offer terms for them! Not that long ago! They got a steal of a deal because it was hard for the seller to show the home with snow on the ground, and there were less buyers shopping at that time.

There are, of course, a myriad of other market conditions that influence the ease with which you are able to get an offer accepted on the home you like. Interest rates, buyer preferences, the list goes on. Seasonality, in my experience, always plays a part. It is almost always slow in winter with low inventory, and very busy with lots of inventory thru spring and summer.

No matter what time of year you begin your home search, I can assure you the journey will lead to your happy ending with new keys to a new home! Every single person’s situation is totally different and when it’s the right time, it’s the right time for you. Don’t be afraid of market conditions; if you are thinking about taking the next step for your next property – whether it’s your first home, last home, downsize, need something bigger, multi-unit, you name it – we will get it done!