When it comes to buying or selling your house, timing can be everything depending on where you live. While the housing market can fluctuate year-round, certain seasons can be more advantageous for buyers and sellers. In this blog post, we'll explore the best time of year to buy and sell a house in Ohio and explain other factors to consider that can impact your decision.
Best Time to Buy a House
When buying a home, it's important to consider the time of year and understand the potential advantages and disadvantages of each season. A great real estate agent can assist you in navigating the process, no matter the season. They can provide valuable market knowledge, negotiating skills, and resources to help you find the right home that meets your needs and budget. However, it's also worth noting that each season has its own unique benefits and drawbacks. Here's a breakdown of what to expect for each season:
Buying a House in the Winter
The winter months can be a great time to buy a house because December through February tend to be the slowest time of year for the housing market. The colder months in Northeast, Ohio cause there to be less competition from other buyers and it can be easier to negotiate a better deal. Additionally, many sellers are motivated to sell during the winter as many sellers tend to wait until the warmer months to list their home. So if a seller has their home on the market in the middle of winter, they most likely have motivation to move. However, it can be harder to find houses on the market during the winter, because there is less inventory and inclement weather can make it difficult to view properties. You also may want to see homes only during the day due to there being less daylight this time of year.
Buying a House in the Spring
Spring is typically the busiest time of year for the housing market. Many sellers list their homes for sale in the spring, which means there are more properties to choose from. The downside is that you will be dealing with more buyers in the market and competition for houses can be fierce. You may have to pay more than you would during the winter months as home prices tend to be higher.
Buying a House in the Summer
Summer is typically considered the peak of the housing market, as many families are looking to move before the start of the new school year. It's another busy time of year for buyers and sellers, and you may have to compete with other buyers for the same property. Many buyers pay more for a house during the summer than they would during the winter or fall. The weather is also generally good, making it easier to view properties and because many sellers list their homes during this time, there is also more inventory to choose from. Buyer traffic can slow down during the summer because many individuals and families take vacations and travel, so even though there is a lot of competition during this time, there are still moments when buyer traffic slows down.
Buying a House in the Fall
The fall months, specifically September through November, tend to be a good time to buy a house, as many sellers are motivated to sell before the end of the year. The housing market typically slows down during this time, which means there may be fewer buyers in the market, giving you more buying power when negotiating a deal. However, like the winter market, it can be harder to find houses for sale because there tends to be less inventory, and the weather can make it difficult to view properties.
>> Learn More: Buying a Home with a Real Estate Agent
Best Time to Sell a Home
When considering selling your home, it's important to keep in mind that the right time to list can vary depending on factors such as location, market conditions, and the condition of your home. While a well-priced, marketed, and prepared home can sell at any time of year, certain seasons may present unique advantages or disadvantages. Here's an overview of the pros and cons of listing your home by season:
Selling a House in the Winter
The winter months, specifically December through February, tend to be the slowest time of year for the housing market. With less competition from other sellers, it can be easier to stand out on the market. Additionally, many buyers are motivated to buy during the winter, if they are choosing to look at homes during the coldest months of the year in Northeast, Ohio. You may be able to negotiate a better deal more in your favor. The downside to selling your home in the winter is that there may be fewer buyers in the market, which can make it harder to sell your home. Inclement weather can also make it difficult for buyers to view properties and attend open houses. Many showings however, take place during the day so that buyers can see the home in full daylight. This can be convenient if you are already outside the home during the day, rather than having to leave for showings.
Selling a House in the Spring
Spring is traditionally considered the busiest season for real estate. Many sellers list their homes for sale in the spring, which means there is more competition. However, with more buyers in the market as well, you may be able to sell your home quickly and for top dollar. Receiving multiple offers on properties for sale is common.
Selling a House in the Summer
The summer months can be a good time to sell a house, as many families are looking to move before the start of the new school year. It's a busy time of year for buyers and sellers, and you may be able to sell your home quickly. Additionally, the weather is generally good, making it easier for buyers to view properties. However, you may have to compete with other sellers for the same buyers. In addition, because days are longer during the summer, be prepared to leave your home for showings during the evening when many buyers choose to look at homes.
Selling a House in the Fall
The fall months, specifically September through November, tend to be a good time to sell a house as many buyers are motivated to buy before the end of the year. The housing market typically slows down during this time, which means there may be fewer sellers in the market and it can be easier for your home to stand out on the market. The downside is that it can be harder to find buyers during the fall, and the weather and Thanksgiving holiday season can make it difficult to view properties.
>> Learn More: Selling a Home with a Realtor
Buying and Selling: Other Factors to Consider
When it comes to buying or selling a home, there are a variety of factors to consider. While timing is important when buying or selling a house, it's not the only factor to consider. Other factors that can impact your decision include:
Real Estate Housing Market Conditions
Low Inventory Versus High Inventory
In a market with low inventory, called a sellers market, there is not enough inventory to support the number of buyers that are looking. Homes tend to sell for more money (asking price or higher) and they sell quickly. Conversely, in a market with high inventory, called a buyers market, there may be more homes for sale and less buyers looking. Competition among buyers is low which usually results in homes taking longer to sell and buyers getting a home with terms more in their favor. This includes not paying top dollar for a home and the seller willing to make additional concessions to the buyer like paying for their closing costs.
>> Learn More: View Homes for Sale in Stark County, OH and Houses for Sale in Summit County, OH
Higher Mortgage Rates Versus Lower Mortgage Rates
When mortgage rates are high, it can make it more expensive to buy a house and buyers will only pay so much for a home. Sellers may not get full price for their home. When mortgage rates are low, it can make it more affordable to buy a house. There also tends to be more first time home buyers during this period because they can get more “house” with their budget.
>> Learn More: How to Get a Mortgage
Personal Situation and Readiness
It's important to take into account your personal situation, financial situation and readiness when buying or selling a home. Are you financially ready to make such a large purchase or are you looking to move to a different area? Are you emotionally ready to leave your current home or are you excited to start a new chapter in a new house? All these factors can affect your decision and should be considered before taking any step so that you feel confident you are making the best decision for your circumstances.
In conclusion
Time of year can play a crucial role in buying or selling a house, but it's important to consider other factors as well. The best time to buy or sell a house can vary depending on the season and the local housing market conditions. Additionally, your personal situation and readiness to buy or sell a house can also impact your decision.
It is recommended to consult with a real estate agent to help you make the best decision for your individual situation and because a top producing realtor will have market expertise during any season, strong negotiating skills, access to more listings and proper marketing. They provide valuable expertise and resources to help you navigate the selling or buying process, maximize your return on investment, and work to help you find the right home. If you're ready to discuss your goals and strategies with a realtor, contact me today. I am happy to help you navigate the process with ease and expertise!
