Best Times to Buy and Sell a Home
Timing is key when you’re buying or selling a home in Boston—and the market in 2021 is a little bit crazy! Depending on what’s most important to you (say, price or ease of transaction), you’ll want to carefully choose which season to list or hunt for a home. We’ve weighed the pros and cons of each season to help you choose what’s best for you.
For sellers, spring is often touted as the best time to list a house. After a long, usually tough, winter, Bostonians are ready to get out into the sunshine and find a new home. Because of steep competition amongst buyers, sellers can often get higher prices for their home than in the winter market. However, spring is not only high in buyers but also generally high in inventory, meaning competition is fierce. 2021 has been a little bit lighter in inventory, and so competition among buyers for limited buyers has been fierce for the last several months. According to data from Realtor.com, spring gives sellers the best balance between a quick sale and a high price.
But, if your timing is flexible and price is more important to you than a quick turn around, summer may be a better way to go. Competition remains high throughout the summer but inventory is slightly lower and family buyers are highly motivated to close on a home before school starts in the fall.
Takeaway: Spring is best timing for sellers, generally a quicker sale and a strong sale price. Buyers will have lots of competition during the spring months.
For buyers, the most inventory is listed in the spring, which means the most options for you...and everyone else! Many other buyers are also active so competition is high and prices will likely be driven up. That competitive market can also be frustrating and stressful when things are shown and sold too quickly to make an informed decision. If you’re willing to fight the fight, this is a good time to choose from a wide set of options.
If you’d rather keep the stress to a minimum, competition eases up in the fall. Sellers may also be willing to negotiate on the price to close the deal before the winter. That said, inventory is lower during this time, which means fewer options. It can also be challenging for families with children just starting school to make an abrupt change.
Takeaway: Spring is competitive but offers the widest selection for buyers; fall has a smaller selection of homes available for buyers but there is generally less competition and more chances to score a deal.
If you’re not sure what season makes the most sense for you, give us a call and we’d be happy to talk it through with you: 617-829-3907.