When is the best time to buy a home? This is a dilemma buyers have been facing since the dawn of property ownership as we know it.
Many buyers choose to hit the market in early spring when many homes come on the market after winter in Minnesota. This is born out of a common misconception that early spring is the best and only time to buy a home.
Panic begins to set in if they don’t find what they like as summer comes. Buyers begin to worry that fewer homes will be on the market and they won’t be able to find a good deal during the summer. I’m here to tell you not to worry…late summer might be a better time for you to buy.
When is the Best Time to Buy a Home?
To figure out when the best time to buy a home is for you, you need to examine what you’re willing to experience.
If you’re interested only in having the most options to choose from, then spring is the time for you to hit the market. Home shopping in the spring, however, brings increased competition from other buyers. This leads to battle through multiple offers and will eventually lead to some major frustrations.
If you are willing to sacrifice a little selection in favor of lowering the competition, then the late summer is when you should start looking to buy.
In a June 5th article from Forbes, Zillow did an analysis of listing and price date from 2016. It turns out, the best blend of pricing and inventory selection occurs in the late summer market.
Not every spring listing will sell. Homes that are still on the market will take price reductions. This, coupled with the summer listings that come on the market, means that late summer buyers will have as many homes to choose from as spring buyers.
Eventually, summer listings will take their own price reductions as fall approaches. Long story short: late summer buyers have the same opportunities as the spring market…but often with better prices!
The Bottom Line
Late summer shoppers will have the advantage of dealing with very motivated sellers, something the spring markets don’t always have. It isn’t to say that spring sellers don’t want to sell their homes. They do. However, sellers who have been on the market for a while are much more likely to negotiate on sales price.
Today is August 7th. The late summer market is here! If you’re ready to take the plunge and buy a new home, you can get started today. Start with doing a quick search on my website, see what is available. Send me a message and I can help you get on the road to your next home!