Today, while inventory remains low, the market is stabilizing. Sellers now need to be more strategic to attract top offers. Bidding wars are still common, but can you crack the real estate code to find the best time to buy or sell a home? Well, seasonality is a definite factor. So, can you time the market?
The Best Time to Sell a Home
If you're aiming to sell your home for top dollar, consider listing in the spring or early summer. Listings that hit the market in March, April, and May have historically yielded the highest prices.
In colder climates, like Minnesota, this trend is especially noticeable. Warmer weather enhances curb appeal, and buyers are more motivated to explore open houses. Additionally, families with school-age children are eager to settle in before the start of a new school year, which boosts demand.
However, while spring and summer are prime times to sell, they aren’t necessarily the best seasons to buy. Higher demand often means more competition and fewer opportunities to negotiate on price, especially when inventory is low.
The Best Time to Buy a Home
For buyers looking for potential deals, fall and winter might be ideal. While homes listed in the spring and summer may command higher prices, those hitting the market in November, December, or January might present more opportunities for negotiation.
Buyer competition typically cools during the holidays and winter, making it easier to negotiate. Look for homes that have been on the market longer than average. Unless you’re dealing with highly unmotivated sellers, the longer listings linger, the better chance you’ll have to negotiate a lower offer. These sellers are often more motivated, perhaps hoping to finalize a deal by the year’s end. As a buyer, you may find greater flexibility in pricing if you’re willing to brave colder weather and holiday distractions.
Preparation Is Key
Don’t let any talk of timing the real estate market prevent you from at least starting your home search or sales preparation. You won’t know your market until you’ve got the data for your specific location and scenario and, when it comes down to it, the best time to buy or sell is when YOU are ready. Need guidance wrapping your head around the process and your best strategy? I’m here to help!
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