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Is There a Right Season to Buy a Residential Property?

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There are numerous factors to consider when you decide to invest in real property such as location, lot size, lot type and budget. One factor that is equally important but often overlooked is timing. As a buyer, you should also ask ‘when’ and not just ‘where’ and ‘what’ whenever you are hunting for real estate. When buying a residential property, timing is essential because it impacts your budget.

Season for Buying Residential Property

Real estate professionals are used to being asked whether there is a right season to buy residential properties. Some strongly believe that it is the spring, there are those who claim that is during winter, others hold that is during the fall, and still some maintain it is the summer.

Those who belong to the ‘spring camp’ claims that spring is the ideal season for buying a house because it is the time when the market is flooded with new property listings. Owners tend to put their properties on sale in spring, giving way to a number of choices for buyers. In addition, changing addresses during this season fits the school calendar, which allows easier transition for kids. It is because of these practical reasons why they say that spring is the right season.

On the other hand, fall proponents argue that past sales records prove that fall is the best season for buying a house. One realty company analyzed over 32 million sales of houses and condominium units since 2000. It found that over the last 15 years, October offered the best deal for real estate buyers as the average sales price was 2.6% under the average estimated market value at the time of sale.

Winter, the off-season in real estate industry, is claimed by some as the right season for buying a house. Since there are fewer buyers, sellers tend to be more accommodating. And because there is less competition, buyers have a greater chance of landing a good bargain.

Still, some people claim that summer is the best time to buy a residential property. Most sellers consider springtime as the best season for selling houses. Consequently, they feel defeated when they still have unsold properties by summertime. This mindset plus the fewer competition and bidding wars actually give buyers greater power than the sellers and improve their chance for a good deal. Moreover, moving in summertime does not conflict with the school calendar.

When is the Best Time?

The answer to the question lies on the person you ask. In short, there is no definite answer. Each season offers advantages and disadvantages. So, do not just rely on the best season that others claim, remember that nothing beats a well-informed buyer.

Written by the experts at Columbia Real Estate, the most knowledgeable agents for real estate in Columbia, MO.

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