Spring and Fall Are Better Times for Buyers
Let’s be clear. You can’t ever time a home purchase. Buying a home isn’t like buying a car or an iPad. The home buying process is a journey, one that happens on your own time and only after you’ve done enough research, seen enough homes and have your financial house in order.
At any one time there is a brand-new buyer entering the market and then another who has done enough research and becomes a very serious buyer. Nobody can control the evolution. But something for a buyer to consider is that real estate inventory tends to fluctuate by season. Each spring and fall we tend to see an increase in home inventory due to the seasons. More inventory means more options for buyers. However, buying “off season” the seller may be willing to negotiate on both the price and the closing date.
Holidays and Winters Are Best Times for Sellers
It’s not conventional for a seller to list their home before the holidays or in the dead of winter for obvious reasons. But serious, eager buyers don’t care about the season or timing. At any one point of the year, there will be a very motivated, experienced buyer ready to make an offer, no matter the season. Sellers believe that it’s more conventional to list for the spring “selling” season and then again after the summer. If you go the conventional route, you will see more competition. If you can sell “off season” you might fare better because there are still serious buyers, but fewer homes for sale.
Best Time of Day to List a Home
The Sunday open house, particularly the first Sunday, is the holy grail of real estate. For decades, agents and sellers worked hard on a listing with a deadline being the first open house. The “for sale” sign, which made the listing official a generation ago, would go in front of the house the days leading up to the first open house. In the digital age, the listing goes “live” online. Sellers and agents work hard to clean, paint or prep the home in time for the photo shoot. Agents and sellers tend to rush to the finish and you will see many listings hit the market late Thursday afternoon or Friday morning, with Sunday being the first showing. Instead, try listing on Monday or Tuesday and don’t do any showings until the open house on Sunday. You can build momentum and have a very strong first open house.
As much as buyers and sellers try to strategize the timing of a real estate purchase or sale, it’s never that easy.
Unlike Macy’s or Target, who control inventory and monitor competitive activity, there isn’t one seller in real estate. Sellers are unrelated and disconnected and the types of homes are different making it nearly impossible to “time” a purchase or sale.