June 2018 Housing Market Update: Prices at or near all-time highs in Washington D.C. and Baltimore Metro areas. Inventories continue their unrelenting decline, days on market at or near record.
Cooler Weather Means Cooler Prices
Want to know something cool? Home buyers can save thousands of dollars on the purchase of their home! How? By buying this Fall instead of waiting for Spring.
Prices in the Fall and Winter real estate market are generally lower than in the Spring and Summer. Why? Many buyers wait for the summer market, but some sellers can’t wait – and are willing to take less money now than they probably would get in the Spring or Summer. Also, we are in a market where prices are going up year over year, so until that changes, today’s prices are lower than tomorrow’s prices.
Only the most motivated sellers keep their homes on the market during the colder months. There are a number of reasons why sellers can’t wait for warmer weather and more buyers. It rarely makes sense for any seller to keep a house vacant over the Fall and Winter in order to wait for Spring. That is why you will never see banks wait to put a home on the market and get it sold. Sellers who need to move for their job and sellers who need to sell to complete the purchase of their next home do not have the luxury of waiting for Spring. These sellers keep their homes on the market over the colder months, while sellers without the same urgency wait.
So, if you’re a home buyer who does not need to wait for Spring, you can save thousands of dollars by buying now. It is easy to postpone buying a home when the weather isn’t as nice and holidays get our attention, but if getting the most for your money for the largest purchase you will ever make is important to you, don’t wait.
Charles Chapman has more than 20 years' experience in the Montgomery County real estate market. He has been a full-time agent through rising markets and good times, and also through falling markets an....
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