03 Oct 2022
Best Time of Year to Buy or Sell a Home
Many things have peak seasons and off seasons. Just like how it’s better to visit certain countries during certain times because the weather is better, or avoid other times because it’s too busy, the same can be said with buying and selling a house.
If you’re trying to buy a house, then you obviously want to get the best deal. The same is true if you’re selling, you want to find a time that will get you the best value for your home. So, are there times when buying and selling property is better? Let’s find out when, and why…
What Makes a Good Time?
You’ll need to understand the cycle of house buying and selling. Like with most other products, it’s all about supply and demand.
The best time to buy is a time when there are plenty of properties available but few buyers.
The best time to sell is the opposite, when there are few houses but you’re selling at a time when people are likely to buy.
Times where property is in high demand but low in stock may lead to things like bidding wars, good for a seller making a sale for maximum value, not so great when you’re a buyer forking out more money to beat the competition.
What Impacts the Housing Market?
There are a number of things that affect the housing market, such as:
- Seasons (and what is happening in each season)
- School holidays, directly linked to seasons and will affect sales of bigger, family homes
- The economy, inflation and interest rates will affect house prices and mortgage deals
Additionally, the rise in popularity of working from home over the last few years has led to a demand for properties that have more space in order to have things like home offices.
The Housing Market by Season
As the housing market often follows with what is happening in certain seasons and months, you’ll need to keep this in mind when you’re buying or if you’re selling. Here’s how the housing market looks during each season and what you need to consider during these times…
No one wants to move at Christmas, do they? Winter is considered the slowest time for the property market. As the holiday season approaches, you’ll see fewer properties for sale as sellers will hold off until the new year. Similarly, there will also be less buyers.
This does mean that after the hustle and bustle of the Christmas period, January will see a surge in activity as many properties are put on the market during this month. This could be partly thanks to things like New Year’s Resolutions or just generally wanting a change in the new year.
With school holidays being a factor in property market activity, there can be a rise in property available just after the summer holidays. September is the second most popular time for sellers to put their houses on the market.
The length of time it takes to sell a house, as well as the long process of sorting out legalities and exchanging contracts, needs to be considered when selling and buying in autumn.
You’ll want to do this as early in the autumn/winter period as possible in order to be moved in and settled by Christmas. This could actually work to your advantage, as things could proceed quicker than usual due to people wanting to move in time for the holidays.
Summer can sometimes be a good time to buy, however there might not be as many properties available as sellers may be on holiday.
Because of these holidays, the market will slow down, but this could mean it’s a good time for buyers to start looking since properties will still be up for sale. There could also be less competition from other buyers, as they may be on holiday too.
The extreme weathers of seasons - freezing cold in winter, boiling hot in summer – is another factor that can put people off moving home during these specific times.
Spring is said to be one of the best times of year to buy a property, with April and May being the best months in general.
Similar to how people will want to make sure they move house and get settled before Christmas, many people will want to do the same in time for the summer but aren’t as restricted as much as they are in the Christmas season. This is especially the case for families, who will want to move in time for the summer school holidays.
The Best Time to Buy or Sell
Though the housing market will generally follow the seasons, unexpected things may affect and change things, so it helps to stay alert of current news and trends. Things like government schemes and initiatives can alter the market and make it better to buy a home at a time outside the norm.
Ultimately, your personal circumstances can play a part too. There may be a time that’s just right for you personally, and you might even experience some surprising luck with a sale or purchase.
For making sure a house purchase goes well, it helps to get everything prepared. We can help by finding the best mortgage for you, just give us a call on 03300 58 60 58 or email us at email@example.com. You can also start right away using our online form.