What Time of Year Should I Purchase Real Estate?

As I licensed agent I am often asked, “When is the best time of year to sell my house?” This can be a loaded question. Most people always think there is a magical alignment of stars during a certain season that will result in top dollar. One would think that spring (into summer) months would be the best time of year to sell your house. Traditionally, this is true, due to there generally being a larger pool of buyers in the market. There is typically more inventory as well, creating the perfect storm of market activity. 

However, just like most things in life, there are always exceptions; outliers that break the mold. There have been sellers who have hit the jackpot by selling their home in the winter months. Though it isn’t the most ideal, desperate times call for desperate measures. Buyers who absolutely must buy are willing to pay top-dollar solely because they are put in that position. Perhaps they had to relocate due to a job transfer or to be closer to an ailing loved one. Add the fact that it also happens to be the holiday season, and you have the dynamic for list-price offers. This is the Midwest. I mean, who wants to move in the winter? 

But if you’re under a time constraint and have extenuating circumstances, you’re willing to pay what the seller is asking to secure housing. When in doubt, look at historical figures to better determine the best time of year to buy a house.  Zillow research provided metrics on when the market is hot and then gradually moves to a more affordable climate as the months progress. 

As you can see, good things come to those who wait. Real estate is cyclical and though the most amount of inventory is found in spring and summer, summer going into fall seems to be the sweet spot. Most home buyers begin looking when there is the most activity. Sellers capitalize on this and willingly accept multiple offers, sometimes considerably over asking price at the height of buying season.   

If you’re willing to wait until late summer or even early autumn, there are deals to be had.  Sellers are usually more willing to accept a price under asking if their house is still on the market in this time of year. As the old adage goes, timing is everything.