Does The Buying Season Really Start In Fall?

Traditionally, the housing market heats up in the spring and continues to sizzle through the summer months. There are many reason this is true – including more favorable weather and the school year. However, if you’re able to choose when you buy your next home, spring and summer may not be the best times to buy. In fact, according to an analysis from NerdWallet, sale prices peak in June and July then begin falling in autumn. However, that’s actual sale price, not what the home was listed for. The data showed listing prices dropped less than half a percent in fall but sale prices fell nearly 3 percent by November. That’s $8,300 less on a median-priced home. And if you can wait even later, winter offers the best savings. Because fall and winter see fewer buyers active in the market, there is less competition and more room for negotiating a better price. chief economist, Jonathan Smoke, says buying is best the later you wait. “If your circumstances give you the freedom to be able to choose the best time to look to sign a contract on a new home, there’s no question that the market dynamics favor you the most to do that in the dead of winter, ideally in January or February, right before the activity starts to heat up,” Smoke said. More here.


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