One of the most common questions I am asked is- “Laura, when is the best time for me to sell my home?” or “when is the best time to buy a home?” My response is always, the right time to buy or sell is when you are ready. Although this answer is really the truth, there are some actual stats that may indicate when is a more favorable time to buy or sell.
When is the Right Time to Sell a House?
While you may choose to sell your home at any time of the year, Spring and Summer have historically been the most popular time to sell, mostly because there are usually more buyers around this time of year. At this time of the year, many buyers have received a Tax rebate and may have a little more cash for a down payment. In Houston, several Oil & Gas companies pay out their prior year bonuses in the Spring which again gives buyers more cash. Buyers are thinking about the upcoming school year and they may want to relocate for school zones before August. Many employees have more flexible hours in June/July-“Flex summer schedules.” In addition to these factors, the days are longer, meaning there is more time for showings after work hours.
However; keep in mind the neighborhood and price point of where you live. Homes selling above $1M do much better in the Spring than Summer. Many buyers that can afford an $1M+ home do a lot of vacationing in the Summer, so June-August may not be the best time of year to list a more expensive home.
It is important to hire an educated realtor, such as myself, who can show you historic price trends in certain months for your neighborhood. Although a general rule of thumb is- Spring/early Summer, there may be other months that have had great sales results in your area.
When is the Right Time to Buy?
Again- When you are ready! When you have the right amount of down payment to make your monthly mortgage payments a comfortable amount. Another great time to buy is when the right house hits the market.
It is never too early to start browsing homes and neighborhoods to be certain of the location and type of home you want. When you start thinking about buying a home, that is a good time to speak with me, your realtor, and a lender. You want to figure out your financial goals and you want to narrow down the neighborhood(s) that you like.
Some agents may tell you to buy in the spring/early summer because there is more inventory- others may say you can get a better deal around the holidays or winter months. But truly- there isn’t a “best time to buy.” Depending on the neighborhoods you like, there may be times of the year that have more homes available than other times.
Should I Buy or Sell first?
If you are thinking about selling your home, chances are you are also looking to buy a new home. How do you decide if you should focus on selling or buying first? There are so many strategies here and it all comes down to financing. Do you have the means to buy before you sell or do you need the equity in your home to purchase the next home? If you need the money from selling your house to buy the next one, where do you live in-between transactions? So many questions… If you are a first-time seller, this can be overwhelming. We could write for hours and hours about this topic, but my best advice would be to contact me, Laura Bonck. I can help you figure out what is best for you particular situation. I will also connect you to my preferred lender who will give you different financial options.
Buying and Selling Summary
Buying or selling a home can be stressful. It is my job as your real estate agent to make it a smooth and easy process. I look forward to answering your questions and helping you determine when is the best time for you to buy or sell!