When is the best time of year to buy? Brandon Hedges and I have the answer.
Today I’m here with Brandon Hedges, my colleague here at the Barker Hedges Group, to discuss when’s the best time to buy.
Our clients often ask us when is the best time of the year to get a great deal on a home, whether that be the price, the terms of their closing date and so on. Essentially, they want to know when the seller is going to be the most willing to negotiate with them.
There’s kind of a cycle that we talk about a lot in real estate in terms of going from the peak to the valley and then back to the peak again, and 2017 has been no different. We see inventory build and we see inventory retreat.
What we’re talking about now is what happens with pricing. We see price increases through the spring and early summer.
Peak median sale price in the Twin Cities looks like it's going to be June, and it starts to make somewhat of a retreat the rest of the year.
"If you’re looking to purchase a home, the winter season tends to be the best time of year to do that from a pricing and negotiating standpoint."
It’s the same thing with original list price: Where people were listing their homes for sale has also come down a little bit. The combined effect of those two things is a little over 5% that we’re down from that peak time frame in June.
The short answer to the question is that typically, November through January are the best months to buy in terms of pricing. There isn’t always the most selection at that time of the year, but that tends to be the lower part as far as pricing goes. It’s also a time when sellers might be a little more motivated. So if you’re looking to purchase a home, this winter season tends to be the best time of year to do that from a pricing and negotiating terms standpoint.
We appreciate questions like these, and if you have any additional questions about this or other topics, don’t hesitate to give us a call or send us an email. We’d love to help you out. Make it a great day!