The Best Time to Buy or Sell a Home
You’re thinking about buying or selling a home. Eventually. But you know timing matters when it comes to such an enormous, and potentially life-changing, event. Which begs the question: When IS the best time to buy or sell a house? And does such a moment exist?
If You’re Buying...
The Best Month? January
This is especially true if you are buying in an area with a cold, winter climate. There is less competition from other buyers during this time which leads to sellers being more motivated. However, this month holds true no matter where you’re buying due to the sheer fact that people tend to overspend during the holidays and can become financially insecure. A fact that can work in your favor as a buyer.
The Best Day? The 1st Tuesday
Why the first Tuesday? It makes perfect sense when explained. The seller no longer wants the home that he or she is continually writing mortgage checks to pay for. Those payments are usually due at the beginning of the month. Open houses or home viewings predominantly happen on weekends...and come Tuesday, the seller gets worried that there will be no offers.
If You’re Selling...
The Best Time of Year? Spring
Spring gives life to a bunch of things and home buyers are in that mix, with a tax refund check in their pocket! And, the great news is, buyers in spring often pay the asking price. Remember to price your house like Walmart would, and don’t use any zeros. Studies show that people perceive a precise price, such as $282,284, as lower than rounded ones, such as $280,000, even when the rounded prices are actually lower. Real-life sales show that one zero at the end of an asking price lowers the final sale price by .72% and two zeros lower it by .73%. It may seem like much, but it can add up to a lot.
The Best Day? Thursdays
So why Thursdays? If you haven’t noticed by now, buying and selling a home is psychological. You want to make the weekend listing, and more importantly the weekend showing. But what it really comes down to is the number of days a home is on the market. With weekends being “prime-time,” a listing on Thursday can carry a seller through two weekends in single digits of “days on the market.”
Housing markets go through highs, lows, and bubbles—much like stocks. As such, you may be wondering whether current market conditions are conducive to buying or selling a home. Keep in mind that, according to the National Association of REALTORS® (NAR), 88% of buyers recently purchased their home through a real estate agent or broker and another 88% of buyers would use their agent again or recommend their agent to others.
Learn more about buying or selling your home by visiting Nancy Hibler’s website or calling (815) 263-5791.