When is the best time to buy and sell a home?
We get this question a lot. The general consensus is that the spring is the best time to buy or sell a home and the winter is the worst. Well lets look at the data to see what it says.
As you can see there are definitely more sales during the spring and summer, peaking in June each year. To be precise, approximately 40% more sales in June than in January. There also pretty consistent trends that have a dip in July and November due to vacation plans and the holidays. August and December often times see an increase in closings due to people trying to close before school starts or before the end of the calendar year.
What about the number of homes on the market?
I won't put another graph up but the data shows that there are around 15% fewer homes on the market in the winter than there are in the spring and summer. That isn't that much is it? So 40% more homes sold in the warmer months with only 15% more supply. That tells me two things. Spring is statistically the best time to sell a home and the winter is the best time to buy a home.
With all that being said, in the spring there are more buyers looking but there are also more sellers to compete with. In the winter the sellers that are out there are normally highly motivated and there isn't as much for them to choose from. That is a good thing for a seller.
So in summary, there really isn't a bad time to sell a home. Either time of year, with our proven effective marketing will result in a successful sale. Give us a call to talk through your options.