In this episode, Pippa asks the question if timing the market is possible when buying a property and if so, when is the best time?
Listen in to discover my full response about timing and tips on getting a good deal on property.
Here’s my best advice, Don’t Try to Time the Market
Don’t obsess with trying to time the market and figure out when is the best time to buy. Trying to anticipate the housing market takes consideration of a lot of factors. It’s all about credit markets, affordability, supply and demand and many other major factors that need to considered to time the market just right.
The best time to buy is when you find your perfect house and you can afford it. All Real estate is cyclical, it goes up and it goes down and it goes back up again.
So, if you try to wait for the perfect time, you’re probably going to miss out. However your question is a great one on trying to find out when sellers might be the most motivated. And at what time of the year?
Historical data shows there are a couple of quiet months during the year when fewer houses are bought. During these periods there is typically a smaller pool of buyers, meaning competition is reduced and buyers have more bargaining power, particularly with sellers who are looking for a quick sale.
December and January tend to be the slowest periods because people are focused on the holidays… Christmas and the cold, wet or snowy weather depending on where you live,
that puts many buyer & sellers off their mood of buying & selling, so that could equate to an opportunity to get a great deal on a home.
One thing important to remember is, You’re Buying a House – Not Dating It!
I consult people all the time by saying don’t a million dollar chandelier attached to a house. Or depending on what part of the world you’re in, don’t buy a 250,000.00 chandelier attached to a house.
I think, if you have the benefit of a flexible timeline to make a purchase, a winter home search might help you land the best deal possible. .
Winter weather can easily make home shopping unappealing, and many homeowners simply think their property shows better in the spring and summer.
At the same time, sold home prices dip an average of $7,000 after the September Labor Day and usually hit lowest in December.
The pool of available homes may shrink a bit, but consider the potential advantages. Sellers with a winter listing may be much more motivated to unload the property, possibly on more buyer-friendly terms than you’ll find in spring time when activity usually peaks.
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