Seasonality in Real Estate
A huge factor to consider when buying or selling a home is the seasonality of your market. The seasons of the year influence the market no matter where you live, even though some locations are more drastic than others. While the demand of housing matters, it has a direct correlation to the seasons. When you see “seasonality” you think the weather which is different in every market. However, what the majority of people forget is the holiday season and school year also needs to also be taken into account when planning to buy or sell a home.
How seasonality works
Most people avoid doing business in the winter because that is “ the holiday season”, which means people have to deal with family obligations, end-of-year deadlines, and unpredictable weather conditions. No one wants to deal with buying or selling a house when everything is hectic. This makes it easier for people to do business in the spring and summer. Additionally most houses sold are during June and July because families don’t want to move when their kids are still in school. This makes it a smooth transition for both the parents who during this time don’t have a lot on their plate and the kids who have to transfer schools.
When to buy or sell
With that being said, buying in the winter will most likely get you a better price with there being a lesser chance of getting into a multiple offer situation. As for homeowners selling, you will get the most for your house by selling in the summer when the market is hot.