You might have noticed that property selling and buying activities are on the peak during spring and summer. But when it comes to winter, you have low sales due to unavailability of customers or properties. It means that weather and the time of the year have a huge impact on the housing market.
So, no matter where you live, you should understand how seasonality affects the real estate business. Paying attention to seasonal trends can give real estate agents or broker a competitive edge.
Here we have explained that how real estate behaves during springs, summers, winters and falls.
Spring: Real Estate is On the Boom
People are more likely to get out and buy when the weather is nice. This is why spring is the best time for home buying and selling activities.
According to Zillow, homes listed in the first half of May sell nine days faster than an average listing. It is the time when people are looking for new property so that they can move before starting of new school year. Homes are sold faster as they look better in the spring daylight. Buyers have more time to look at houses due to the daylight saving time, making your property seen by more buyers during the day.
Summer: High Inventories with Less Demand
Summer sees excessive property listings while the demand remains low, making it a favorable time for home buyers, especially those who haven’t managed to secure a property in spring.
It is also the right time for those who await best deal on properties. Due to less demand and high inventories, chances are you can get the property on your favorable prices.
Fall: Not an Exciting Time for Real Estate
There are few inventories listed in the fall season as majority of people look for homes in spring and summer.
This is the time when you can prepare for lucrative time like spring/summer by building network with people looking to buy or sell the homes.
Winter: A Good Time to Secure Property for Spring/Summer
Winter is a slow season as people are less likely to search for property due to rain, sleet and snow.
You will have to wait longer, maybe till spring or summer, if you put property on market at this time.
However, winter can be beneficial if you are looking to buy a home. Firstly, you will have fewer buyers to compete with. You can close the deal on your prices and sell the property on its market value during spring/summer to make a profit.
So this was all about how real estate behaves seasonally. Needless to say you should prepare your strategies accordingly to make the most of your real estate venture.