November is a great time to recognize the contributions of Veterans. But did you know…
Produce has a season. So do sports. But did you know that real estate has a peak season as well? People buy and sell homes all year long but there are certain times of the year when more transactions are likely to take place. The peak real estate season refers to the busiest time and when there are the most potential buyers out searching for a new home.
In most areas of the United States, the peak real estate season is during the spring and summer months.
Warmer weather encourages potential buyers to get out and explore open house events or just check out new neighborhoods. For families with school-aged children, moving during the summer months is much easier than trying to uproot everyone during the school year.
Selling your home during the peak real estate season often takes less time or allows you to price it slightly higher. Buyers have a great selection to choose from but may find themselves in a bidding war with other interested buyers.
Want to sell a home during the fall and winter months?
There is still a market but you should prepare for a longer wait for the right buyer. People tend to spend their holidays celebrating with family and friends instead of searching for a new house. If you are a buyer during this down time, you may be able to get a great deal on a home that hasn’t seen a lot of interest. The downside for buyers is that the selection might not be as robust as during the peak season.
Keep in mind that each market is unique, so what is common in one area may not be expected in another. It helps to work with a realtor who knows the trends in your local area.