(KMID/KPEJ)- Interest rates, the job market, and other economic factors often shift the housing market, but seasonality also plays a role in home values. Analysts say you can time your sale for a bigger return.
November through February tends to be the slow season for home sales, based on data from the National Association of Realtors, with the highest volume of sales coming between May and August; June tends to be the peak time for transactions. The window for high prices, though, comes in April, when sellers can really cash in, specifically the week of April 10th to the 16th.
Real estate data shows that homes listed in April are less likely to need a price reduction because buyer demand is on the rise, but inventory is typically low. Still, data shows big deals can occur all summer long, as motivated buyers want to settle into a new home before the new school year begins. For many reasons, early spring and summer seem to be the best time for sellers to list a home and get the biggest return on their investment.
If you are a buyer looking for the best deal, especially a first-time home buyer, you might want to wait until late fall or early winter to make your purchase. That’s when buyers typically pay the lowest premiums above market value. While available homes might be limited, if you find one that meets your needs, realtors say you might be able to close on your home quicker because agents are less busy, lenders are processing fewer loans, and home inspections are easier to schedule.