Are you looking to buy or sell a home right now? Before you do, you should spend some time learning more about the best times to buy and sell homes so that you can get the best deal possible on your next home transaction. Unfortunately, many home buyers and sellers skip this step, and they usually end up paying the price for it later. While circumstances in your own life may make buying or selling at a specific time impossible, if you have the flexibility, you may want to wait for the optimal time to buy or sell.
Time to Buy
For buyers, the best time to shop is typically the winter months. According to MarketWatch, homes are typically more than 8 percent cheaper in January or February than they are in June, July and August. During the colder months, fewer people want to get out and visit prospective properties, while sellers – especially those with vacant properties – are more motivated to sell. Since peak buying times tend to be the spring and summer seasons, you’ll face much less competition and be able to find better rates hunting for homes in January than you would in June.
Time to Sell
If you are currently looking to sell a home, you should take the exact opposite approach. If you can hold off until the spring to start selling a home, it will benefit you greatly. In almost all of the metro areas that were analyzed by MarketWatch in 2016, the sale prices of homes hit their highest marks in June, July and August. One drawback to selling in the spring and summer is that you’ll have a lot more competition, but that also works to your favor. With more people looking to buy, your home will be seen by more potential buyers and has a better opportunity to move quickly and at – or even above – your asking price.
Navigating the real estate market at any time of the year can be tricky if you aren’t working with a real estate professional every step of the way. Phillips Real Estate has helped many home buyers and home sellers in Oklahoma over the years. Whether you are looking for your dream home or trying to get top dollar for your existing home, we can help. Reach out to us at 405-368-9409 today to speak with one of our licensed Realtors.