Potential homeowners shopping around might wonder if purchasing a home is best during that particular month or season, or if they should wait until another time of year to get a better deal.
Certain times tend to be better than others; however, that depends upon your goals.
Spring
Without a doubt, spring – in the real estate world from January to May – gets the most traffic. As a result, more buyers put their homes on the market and at the same time, prices start to go up through summer.
Yet, while more individuals may want to see your home, a smaller group is genuinely serious about purchasing. Additionally, because of the number of properties going up for sale, you’ll face more competition.
On the other hand, if you’re looking to get the most out of selling your house, a buyer might be interested in purchasing it for as much as 10 percent above the market value.
Fall and Winter
For all the downsides of spring, fall and winter excel: less inventory, fewer homes on the market and more serious buyers who are searching with a purpose. As soon as September hits, your competition goes down and continues decreasing through December.
If you’re a buyer, fall is considered the time to get a below-market price. Specifically, statistics show that in October, homes are usually sold for 2.6 percent less than average.
For Custom-Built Homes
If you’re having a new property custom-built, no season stands out for getting the best deal. Instead, when to purchase comes down to the timeline it needs to be created and for you to move in.
Experts say to give yourself anywhere from four to six months before moving; however, you should also allot additional time to interview builders, review properties and communities and secure a permit. Any time of year is essentially fine, but make sure to consider when school starts, if you have children, and a longer building period during winter.
Thinking about a custom-built home? Start by browsing By Carrier’s many central Connecticut communities. To learn more, give us a call today.