Historically, people prefer to buy their dream houses in spring. Nevertheless, based on reports from our reliable sources, there is a new trend in our seasonal market that many sellers could take advantage of.
According to Bank of America's annual Home Buyer Insights Report, 41% of renters surveyed agree that spring is the best time to buy a home. The surprising result, however, is that when ranking the seasons, winter comes in second at 24%.
In many areas of the country, the spring and summer are the most competitive seasons for buyers. Families with children often want to move over the summer to make sure that their kids are ready for school in the fall. This often leads those families who haven't found homes to buy to push pause on their search in the fall and winter months.
This creates a great environment for buyers to find a home with less competition. According to moving.com, scheduling a move during the winter months also comes with the best price.
"If you define 'best' by cost then, generally speaking, you are more likely to save on a move during the late September to April window. Demand for movers usually slows down during this time frame and rates are low."
There are also many benefits to listing your house for sale during the winter months as well!
As we recently mentioned, buyers who are out in the winter are serious about wanting to find a home, and there is traditionally less competition on the market which gives you greater exposure to those buyers.
As always, the best time to buy or move all depends on each individual buyer or seller's goals and needs. If you are one of the many who would like to make a move this winter, contact a local real estate professional who can help you create a plan to make it happen!