I had two conversations about the fall market this week, so that's probably prompting this entry.  But if you're reading this, you clearly have to buy, but if you're buying AND selling, let's get this out of the way:  Price-wise, the season makes little difference.  Unless you're willing to do temporary housing (which comes with it's own set of expenses), it rarely makes a significant difference if you buy or sell in the Spring, Summer, Fall, or Winter. Any advantage you gain in buying is neutralized when you're selling, so basically its a wash.  But if you are ONLY buying, then keep reading.

 

The basic premise behind when it's a good time to buy is very simple.  You want to be buying when there is the least competition.  Let's face it, if as a seller, I think that this is the last and only offer I'll get for a while, I'm more inclined to deal with it.  There's no better spot to be for a buyer than alone on the table!  So when is the least competition?  Well, the market moves in strange ways, but the best times for a buyer are listed below, generalized over a typical season, and ranked from Worst to Best.

 

12. June

11. May

10. April

9. July

8. March

7. January

6. September

5. February

4. October

3. December

2. August

1. November

 

December is actually the weakest month for buyer traffic- poor weather, and lots of competing events for peoples time contribute - but the selection is poor since many folks pull their homes from the market for the month, just to re-list in January. August typically has decent inventory - November too - but no traffic (don't ask me why, but August is usually very slow.)  Again,  there are plenty of years where this ranking doesn't bear out exactly, as consumer confidence, mortgage rates, and other factors can move the activity around, but by and large, this is a good pattern.

 

An additional caveat:  If you're buying condos, they tend to be weaker in the spring, and stronger in the fall.  I think that's because a lot of leases end in Aug/Sept, and condo buyers tend to be first time buyers who are more likely to purchase condos in this area.  Spring does tend to bring more competition, simply because there are more entrants in the market, and they are more likely to chase the preferred housing that is on the market - weakening the buyers position.

 

So, if you're out there buying, don't put your search on hold. Now is the time to be looking for your deal!