WHEN IS THE BEST TIME TO BUY OR SELL A HOME?

Is it better or worse to buy or sell a home in the fall/winter months verses the spring/summer months? Home sellers and buyers ask us this question often, and the answer isn't so simple.

WHAT ARE CONSIDERED THE FALL/WINTER AND SPRING/SUMMER MONTHS?

Let's define exactly when these time periods are. The Fall and Winter months are between September 1st and February 28 and the Spring and Summer months are between March 1st and August 31st.

DIFFERENCE IN HOME SALES & INVENTORY BETWEEN THESE TIME PERIODS

We pulled the actual data of sales and inventory during those time frames to see if there is actually a difference. We looked at two different towns, Andover, MA and Haverhill, MA. What we found was Andover experiences an increase of about 48% more inventory in the spring/summer and about a 52% increase in unit sales during spring/summer. Haverhill experiences an increase of 13% in inventory during the spring/summer and about a 25% increase in unit sales during spring/summer. So, we've now confirmed there is a difference between unit sales and inventory in spring/summer versus fall/winter. But, does this make a difference in your buying or selling decisions? Let's look at it from the seller & buyer point of views.

SELLING YOUR HOME

If you're home seller, you might consider it to be more beneficial, given your property type, to be on the market when there is less competition since consumers shop by comparison. If there are less homes to compare yours too, it may make more sense for you to sell in the winter instead of the spring/summer when there's a dramatic increase in inventory.

BUYING A HOME

If you're a home buyer, you might think looking for a home during the spring/summer is best since there are a larger selection of homes available at that time. However, the spring/summer has an increase in competition from buyers. So, one could argue that buying a home in the winter makes more sense as a buyer since there is less competition with other buyers allowing you to work more strongly with sellers to get something done.

CONCLUSION

Motivation is the driving force for buying and selling in the winter months. If you're out looking for a home in the winter months, you are a much more serious buyer. When you're selling your home in the winter months, you're a more motivated seller. Deals tend to stick together tighter in the winter months because the participants much more motivated to get something done. Remember, whatever you decide is right for you is when the time is right. So, don't put too much focus on what time of year is the right time. If the time is right for you to buy or sell your home right now, then it makes sense to do it now.

Reposted from:  http://primepropertyteam.realtytimes.com/advicefromagents1/item/32003-when-is-the-best-time-to-buy-or-sell-a-home