This is a column dedicated to answering frequently asked questions we get from our clients while working in real estate.
Question: “Should I wait to buy a home over the holidays or winter time to get a better price?”
Answer: This is one of the most common questions we receive and I want to just summarize the pros and cons of a winter/holiday purchase briefly. We have all heard it said before that the best time to sell a home is in the spring/summer market. Pricing in real estate is often influenced by supply and demand. Usually homeowners will choose to avoid selling their home over the holidays because they want to get “top dollar.” A buyer may find that there is less competition from competing buyers and that sellers price more aggressively when purchasing a home over the holidays/winter months. However, a challenge that catches buyers off guard when house-hunting over the “slower” months, is low inventory. Low inventory often results in buyers not having as many choices when trying to find a home making it difficult to purchase a home that meets their needs.
In summary, when is the best time to buy? Many factors play into this decision including if you have to sell a home first, local market conditions, and ultimately personal goals and strategy. The best time for you to purchase a home might not be the best time for your friend to buy a home.