Real Estate Watch – Halcyon Real Estate
When Is the Best Time to Buy Real Estate?
As in most businesses, real estate has an annual cycle. Knowing when prices tend to be higher and lower can mean the difference of tens of thousands of dollars in final purchase price. Much of this cycle revolves around the basic logistics of life.
In the spring, families are preparing for the end of the school year, and that’s when most people move, so as not to disrupt their children’s education mid-year. To prepare for that move, they start looking for (and making offers on) their next home. This increase in buyers creates more of a demand, moving prices higher.
Conversely, during the holiday months of November and December, school is in full swing, and most families are focused more on getting together with loved ones than they are about packing up and moving. Fewer buyers means lower prices.
So, in general, if you are looking to get the lowest price for your next home, the best time to buy is in the fall and winter. Remember, however, many sellers know the best time to sell is in the spring, so the number of houses to choose from in the winter will be less. You may not be able to find “the perfect house,” even if it is at the perfect price.
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Halcyon Real Estate Services