The best time is buy a house is when there are fewer buyers than sellers which will result in lower housing prices. In the real world though, families need to buy houses for many different reasons and a lot of those reasons can’t wait for the most optimum time to by a home. Below are some key factors that keep housing pricing low…
Have you realtor compare the historical sales prices in the area you like compared to the prices homes in that area are getting today.
Have your realtor see what the home inventory situation is for area in which you want to purchase a home. Sometimes the “Months of Supply” statistic will help. Month’s of Supply is a metric that looks at how much time it would take to sell all houses currently for sale based on current demand if no new homes came onto the market. In most cases this figure is around a six-month supply of housing. When it dips below 6 months than you may see some bidding wars for property in that area.
How Long Is the Home Selling Cycle
The longer houses stay on the market, the better for buyers because the pricing be more negotiable.
See how many new builds are underway in the area you like. If the new construction is down, that will put more pressure on existing housing inventory in the area and could raise the prices.
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Tom Reese has 20+ years experience in helping his clients sell their homes for a price that sells and makes them a profit. Tom has helped his clients buy and sell property in every neighborhood in Northern Kentucky and Cincinnati.
About Tom Reese
Helping my clients attain their dreams has been the foundation of my success. With my strong attention to customer service, I have earned my clients continued support and referrals. Put my enthusiasm and dedication to work for you!
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