Is there a better time of the year to try to sell or buy a house? Depending on your area, there are usually better times to sell or buy a home during the year. Historically, the late spring and summer months...
Historically, the late spring and summer months would be the best time to buy or sell a home because children are usually out of school and the weather is warm. But the real estate market has changed so much now that this is not always the case. Things are very regional at this point, and different areas and demographics have different "hot" and "cold" seasons for buying and selling a home. "It depends on where you are," says Richard Fryer, a real estate school president with over 30 years of experience in the field. "For example, if you are in a retirement area, the time to sell is during the season when all the retirees are there. If you are in a resort area, you want to do it during the season again when people are there. If you are in just a typical run of the mill, suburban area, again it depends."
While you don't necessarily have to wait until spring or summer anymore, you still may want to take climate into consideration. If you are buying or selling in an area that has nice weather all year round, then you can pretty much sell or buy anytime. If you live in an area that experiences periods of inclement weather, then you should wait until the weather improves, if possible. "Climate is going to have a lot to do with it. Certainly in Florida, we don't have a climate issue. We can sell year round, although we have some markets sometimes of the year that are better than others. Obviously again, the summer time is a hot market because of school. Typically the end of the year is not too bad, but you may have issues in Northern states where the weather starts to be prohibitive because it makes it more difficult to sell during the dead of winter than in the spring or the fall," Fryer explains.
Another slow time is the holiday season. Very people will be selling or buying around the Christmas season, and things usually don't start to pick up until after January.
While the market may have peaks and valleys at different time of the year, it does not necessarily mean that you will not be successful if you buy or sell your home during a slow time of the year. In fact, many buyers and investors can save a lot of money by looking at homes during off peak times. If someone is selling their home in the dead of winter, chances are they have to sell the home quickly and will usually cut the asking price dramatically to do so.
Another thing to consider is the state of the real estate market in the area you are thinking of buying or selling in. If home prices are going up very fast, every month you wait to make a move is a month of appreciation you lose, so it may be in your best interest to make a decision quickly instead of waiting for the best time.
