People often ask “What’s the best time of year to buy a new home?”. There’s no correct answer to this question because many factors that affect the market change from year to year. But I’ve noticed a few trends over the past several years that seem to indicate that there are some good deals to be had in November and June.

For example, a client of ours saw a home he liked last week. It had been on the market for a while and the price had been reduced a few times. He submitted a very low offer and, after a few rounds of negotiations, secured the home at a very attractive price. Okay, that’s being understated. He got a great deal. In the course of the negotiations, it was revealed that the sellers had previously received 2 offers for significantly more money that they had refused. And this was not an isolated incident!

What seems to happen is this: The Fall and Spring markets start off with a bang because there is very little supply, but there are still a lot of buyers remaining from the previous markets. As a result, many homes that are listed early in the season sell for high prices. Subsequent sellers want to get these high prices, too, so they set aggressive list prices. Unfortunately, usually because their prices are too high, their homes don’t sell right away and sit on the market. (It’s not ideal, but if your price is correct and you’re sitting on the market because you’re just waiting for the right buyer to come along, things usually work out fine .) The sellers then have the choice of either taking their high priced homes off the market, or, as is usually the case with homes that are on the market late in the season, leaving their homes on the market because they have to sell by a certain date. In this latter scenario, a buyer eventually comes along who offers them a low price which they’re forced to accept if they want to sell before their deadline. And voila, some buyer gets a good deal in a sellers’ market!

This doesn’t mean that all homes that are on the market late in the season are overpriced or that there are no multiple offers late in the season. There are still plenty of high prices being paid. All it means is that some times of the year seem to present more buying opportunities than others. So if you’re a buyer, keep your eyes open!  And if you’re a seller, make sure your price is reasonable!