Every home buyer has had to contemplate this question. Are the prices low enough? Do I have enough down payment? Is there too much competition right now?
Of course, the short answer to the question is–when you are ready. When you are just tired enough of smelling your neighbors dinner and breakfast and listening to their fights and their tv viewing choices–when you are tired of searching for a parking place or telling friends they better walk over–when you get the latest notice of a rent increase, an annual event or —well there’s any number of things that may tip the scales.
So, what time of year is the absolute best time to buy? That used to be easier to answer than it is today. The advent of year-round schools has changed home-buying patterns which used to peak in the late spring and early summer months as families wanted to “finish out the year.”
To me, the answer is easy. When members of the seller herd start saying, “I’ll put it on the market after the holidays” or when buyers say, “I’ll look again after the New year,” that’s the best time to buy OR sell.
This time of year–fall, especially after Halloween through what we laughingly call winter until maybe February is the best time for buyers and sellers. Why? It’s simple. Most people gradually turn their attention from the hard, concentration of finding that right home to making pumpkin pies and attending holiday parties. That’s right–the competition thins out–a lot.
This year the shrinking pool of buyers may be more pronounced than ever unless Congress decides to extend the highly-popular $8000 home buyers’ credit which expires December 1st. If not, buyers you are in luck. The field is more open now as the herds have moved into holiday pasture. Most of them won’t be back until after tax time…
And for sellers, yes, it’s true you have fewer buyers available to you, but your property stands out more, assuming it’s properly priced and prepared, of course. It must be, too, because you wouldn’t have your property out there at this time of year if you were not a very serious seller. Sellers at this time of year don’t put up with the inconvenience unless they are highly motivated–just like the intrepid buyers.