Despite a persistent housing market myth, spring is not the only time to buy or sell a home. For buyers and sellers looking to make a move in the next few months, current market conditions indicate a busy fall and winter.
Midwest Real Estate Data LLC reported that 10,900 homes went under contract in October 2013. In June, 11,718 homes went under contract, indicating a much smaller gap between the spring and fall months than the myth would suggest. It’s clearly not wise to assume that potential buyers aren’t searching for a new home throughout the holiday season, especially in today’s market.
Housing inventory in October was at its lowest level since 2009, and new home construction hasn’t yet caught up to current consumer demand. This, coupled with persistently low interest rates, has created an ideal environment for buyers and sellers who are looking to make a change.
According to Inman News, more people today are buying homes based on needs, as opposed to wants. These needs encompass a variety of situations – marriage, family additions, retirement, job changes or even just the need to upgrade or downsize – that can occur anytime throughout the year. Major life changes aren’t relegated to a specific season. In fact, according to the United States Census Bureau, the average person can expect to move 11.7 times in their life!
If now is the best time for you to buy or sell, don’t wait just because you think winter isn’t the best season.