Given the importance of a real estate transaction to your overall financial future, it’s understandable that you would want to look for every possible advantage. One area where some buyers and sellers look for an edge is timing – by buying or selling at the right time, is it possible to get a better deal? Specifically, summer seems to be the focus of many of these discussions, so this article will take a closer look at what happens to the real estate market when the temperatures rise.
As Greensboro Realtors, Smith Marketing has experience working with everyone in the market, from Greensboro custom home builders all the way to individual buyers and sellers. Wherever you find yourself on that spectrum, feel free to reach out to the Smith Marketing team right away to learn more about their services.
A Common Belief
Let’s start by talking about why this would be a question in the first place. It is a belief held by some that house prices are higher in the summer simply because more people are looking for homes when the weather is nice and it is more welcoming to think about moving. With more competition in the summer, as this theory goes, there are more offers placed on available houses, and the prices are driven up.
Is It True?
There does appear to be at least some truth to this idea. Data indicates that prices do tend to go up a bit in the summer before retreating slightly when the weather cools off once again. So, if you are thinking of selling your home, it might be a worthwhile strategy to consider putting your home up on the market in the warm weather to take advantage of the busyness of the market at that time.
Of course, you might not have the flexibility in your schedule to make this work – and that’s okay. For instance, if you need to move for work, you might have to put your home up for sale right away, no matter what time of year it happens to be. And that’s just fine. While prices do tend to perk up a bit in the summer, it’s not a dramatic change. You can secure a fair market price on the sale of your home any time of year.
What About Buyers?
The message for sellers is that it may be possible to get a little more for your property if you sell in the late spring or summer months. So, if possible, it makes sense to list during that time of year. But does that mean that buyers should only shop during the off-season when prices are suppressed?
Not necessarily. Sure, prices might be slightly lower in the winter months, but inventory will be significantly lower, as well. As a result, buyers will have fewer properties to pick from and might have a harder time finding something that suits their needs. Your best bet as a buyer is likely to just start looking for properties whenever you are ready to move. If one comes along that is the right fit for your needs and suits your budget, it doesn’t much matter what the calendar says – you can put in an offer and try to close the deal.