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When is the best time to buy real estate?
Dated: November 3 2019
WHEN IS THE BEST TIME TO BUY REAL ESTATE?
Realtors get this question asked a lot, “When is the best time to buy?” That is why it is sarcastically replied that the best time to buy real estate was five years ago. The time of year plays a big part of your home buying options, regardless of the particular housing market where you want to live. For many prospective buyers, looking for a home is the best part of the process. For others, it could be very frustrating.
Buyer need to understand that real estate is a cyclical industry, and when looking for a home, you should be aware of where your timeline falls in that cycle. Once you have your mortgage pre-approval in hand, you have a few months of flexibility, but depending on market condition, that flexibility may or may not work in your favour.
If you’re looking in a market that’s moving very quickly, you might not have the luxury of waiting until your ideal property comes on the market at the ideal time. It’s often the wisest move to just start looking at everything available in your price range and see if you can work with whatever you find. In this scenario, the time of year matters less , because you are selling and buying in the same market condition. Waiting for market conditions could be the risky thing to do. There is a potential risk of losing equity if market is moving quickly. This has happened in 2015 and 2016 when some buyers postponed their buying decisions and eventually ended up renting. If your local housing market is much more balanced, however, then time may be on your side.
If you're looking for a deal, buy a house in the winter.
There are natural highs and lows based on seasonal factors, and pros and cons to buying in each period. Winter is generally the best time to buy homes if you are looking for a good deal. Since most prospective buyers would rather casually scroll through online listings winter is considered the off-season in the real estate world. Sellers strategically wait to list their homes during a period when they will generate the most interest, which is a big reason why there’s less inventory on the market during the colder months.
Buyers in this weather have less competition for the houses that are up for sale at this time, which were either left over from the spring/summer or newly listed for any number of unique reasons. Owners who list their homes during the off-season may be dealing with a time-sensitive situation like relocation for a new job, divorce, family reasons that requires them to sell their properties as soon as possible. A sense of urgency plus a smaller pool of buyers can give buyers good negotiation power. So check your home buying options between thanksgiving and Christmas, You might surprise yourself with some really good deals.
ome buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result. Buyers today have more listings to choose from and face less competition than we’ve seen in our market in recent years. This is perfect ‘Buyer’s Market’.
So my advice to all buyers is to gear up and take action now, The best first step you could take is talk to a local realtor you trust, who can help you determine your best options and a plan to move forward with your home purchase.
Realtor, eXp Realty (Branch)
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