The Best Time to Buy or Sell
We all know that the market can determine how successful you are in your move - but when is the best time to buy or sell in PA?
A lot of factors will impact when you choose to buy or sell. Lifestyle shifts, work transfers and financial changes can all play a part in when you decide a move.
If you have some flexibility when it comes to needing to move, then timing should be considered into your plan.
Every real estate market ebbs and flows with interest rates, inflation and other factors that are generally out of our control. That being said, here is western Pennsylvania, we tend to see trends year over year. In this article, I'm going to discuss the pros and cons of buying or selling by season.
Buying or selling in the Spring
Spring is typically a hot market in Western PA. A lot of people prefer to move in the warmer months, so we tend to see not only more listings, but an influx on buyers flood the market.
This influx picks up substantially in late May - early June. and is great for sellers because the chances of getting multiple offers on your property increases.
When it comes to buying in the Spring, you can expect to have more options than you would in the previous months. It should be assumed from both sides that you will have more competition. Sellers may need to do things to make their listing stand out and buyers may need to write stronger offers.
Buying or Selling in the Summer
In the Summer, we tend to see a lot of similarities to the Spring market. The immediate surge of buyers will slow down but remain consistent through late September.
Sellers can generally expect to sell the fastest this time of year. Average days on market between July and September hover between 31-33 and because the average contract is 30 days, that means most sellers are receiving an offer on their property within a couple days of listing. It is a good idea to avoid listing your property on a holiday weekend because potential buyers could be celebrating or out of town. Buyers should be prepared to move quickly this time of year. If you plan to purchase in the summer you should have your preapproval ready and plan on making an offer quickly. As in the Spring, it should be assumed by both buyers, and sellers, that you will have more competition.
Buying or Selling in the Fall
With colder weather and school on the horizon, we usually see things starting to cool off in the Fall market.
By early fall, we will start seeing the market shift - lot of buyers will have found something or put their search on hold until next Spring. Sellers can expect to stay on the market longer in the fall, with the average being around 46 days. Fall is a good time to buy because you will typically have more room for negotiations, with the down side to that being less options. Both buyers and sellers will have less competition, typically starting in late September.
Buying or Selling in the Winter
Not many people look forward to moving in the winter, so this time of year is usually the slowest.
For sellers, days on market will increase upwards of 50-55 days. Winter is, typically, when the most sellers will take a price reduction in comparison to their original list price. Both buyers and sellers will have the least competition compared to any other time of the year.
It is important to know that you can reach your goals any time of the year but the way you approach doing so may differ, depending on what kind of market we are in. The real estate market is always changing, and there will always be things that are out of our control but we can still find ways to use them to your advantage. If you are planning a move, it is good to find an agent as soon as possible so that you can set up a plan in advance.