When it the best time to buy or sell your home?

I’m often asked the question, “When is the best time to buy or sell a house?”, and my answer is not always what you would expect. Typically the Spring market is known for being the “busy season” for real estate. Inventory is at its highest so there are many options for buyers to choose from and there are more buyers looking to purchase if you are selling. So the decision to wait for Spring might be the right time for you to move, but perhaps not.
There are many factors to consider when deciding when the best time is to buy or sell, some of them will be personal to you, and some will have to do with the current market conditions. Are you starting a new job, having a baby, getting married, have kids starting school or going through a divorce? Place your personal situation above time of year or market conditions and do what works best for you.
There are other considerations that make timing important. With interest rates rising this year, there is more of an urgency to purchase while you still have the most buying power or to sell when buyers are able to get lowest rates and pay more for your home. As a result, the 2017 winter market was unusually busy.
There can also be more “local” reasons to buy or sell at a specific time. When do you get your bonus? When do buyers for your house get their bonuses? There is usually an influx of activity in the market during this time.

Also, sometimes there is an unexplained flurry of activity in the market during the “slow months”. If you are a seller it makes sense to keep close tabs on this. You might have an opportunity to list while there are fewer homes on the market for buyers to choose from. For buyers, you might have an opportunity to get a better deal during the colder months when the days are shorter, so don’t count out houses that have been sitting on the market for a while. This could be the right time to make a lower offer and get a good deal.
Consult your real estate professional to help you with your specific questions and to assist you in making these decisions. If you are not already working with an agent and would like to learn more about how I work with buyers and sellers, please contact me.