Is there an ideal time of year to either sell or purchase a home? In many areas of the United States, the spring and summer months tend to be the busiest times in the real estate market. People like to move when children are out of school for the summer, which makes May, June and July the ideal months to either list homes for sale or shop for homes to purchase. Conversely, there are also advantages of buying and selling homes during the “off season” because lower inventory during the slow months tends to yield less competition for both buyers and sellers. To sum it up, there might not be a truly perfect time of year to either sell or purchase a home because it really all depends on what you want and when you want it.
Benefits of Buying or Selling a House during May, June or July:
- There is typically more inventory available – a benefit to buyers
- Bidding wars may occur – a benefit to sellers
- Tax refund money is more abundant – a benefit to both buyers and sellers
- The weather is nicer, which makes it easier to show homes that are for sale and easier for buyers to look at homes they wish to purchase – a benefit to both buyers and sellers
- Families with school aged children are able to move without disrupting their children’s school schedule – a benefit to both buyers and sellers
Benefits of Buying or Selling a House during the Off Season:
- There is typically less inventory on the market – a benefit to sellers
- Prices for homes are usually lower than they are in the warmer months – a benefit to buyers
- Due to a slowdown in the market, mortgage lenders may be willing to offer reduced fees in order to obtain more clients – a benefit to buyers
What Time of Year is Right for You?
Everyone has a unique set of circumstances. You may have to move at a specific time of year due to a job transfer. When this happens, the time of year you are looking to both sell and purchase a home is not up to you. Ultimately, when all is said and done, the best time of year to sell or purchase a house is going to be different for each home buyer and home seller. It’s safe to say that the most common time of year to move is during the months of May, June and July. But just because it’s more common to buy and sell during these months does not mean the spring and summer are optimal for everyone.