What do you look for if you want to buy a home? The right neighborhood? The exact amount of bedrooms you want? Sure, all of that matters, but you also need to think about timing. The real estate market moves in cycles so, if you know when to jump in, you can save thousands of dollars, not to mention reduce stress.
Thinking about buying a house in the spring? Prepare for a bidding war. But if you opt for winter, you have a much better chance of finding a seller who is willing to negotiate. Is your priority choosing through a huge selection of properties or would you rather get the best deal possible? It’s all about timing.
In Virginia Beach, seasons have a big impact on the market and you’ll notice that even the interest rates change according to the time of year. If you want to see how to make the best decision, keep reading because we’ll break it all down for you.
How Seasons Impact Prices
Spring is by far the busiest season, but you’re probably not surprised by that. The spring season starts in March and ends in May and during this period, you’ll see plenty of sellers list their homes. You’ll have a lot to choose from in spring, but you’ll also have more competition. And with competition comes higher prices. Bidding wars are very common and if you want to negotiate… Well, it’ll be a process.
The momentum keeps going in the summer, but some people like to travel during summer, others focus on going back to school, so the competition starts to dip a little. Sellers that weren’t able to sell their properties in the spring are now more willing to negotiate so you might have a shot at getting a good deal.
In the fall, things really start to slow down. There’s fewer buyers, less pressure, and a lot of sellers are now getting flexible with prices. Winter is the least busy, so those that are after a good deal will find it the best season for buying a home. There are not as many homes on the market, but you have a better chance to strike a great deal.
Best Time to Buy
If you’re looking for general advice on when the best time is – we don’t have it for you. Why? Because it all depends on what you’re after. The ideal time depends heavily on what matters most to you.
1. First-Time Homebuyers
Buying your first home is so exciting, but you need to time it to avoid spending too much money and to save yourself from too much stress. Spring and early summer will give you the most options, but also far more stress because of high prices and the amount of competition.
You’ll have a much better chance of negotiating in late summer and fall, when the market slows down and when there are less buyers competing. Winter is also a good time to buy.
2. Investors Looking for Rentals
If you’re an investor and you’re buying a long-term rental, spring is ideal because a lot of renters look for new leases as summer approaches. This means that you can get both the property and tenants.
If it’s a vacation rental, timing is different. The best deals are in the fall and winter, after the summer tourist season is over. Sellers can get anxious to sell their properties before the slower months roll in and if you buy during this time, you’ll have the chance to make as many upgrades as you want before the tourists start to come back in spring.
3. Buyers Who Want the Best Bargain
If your priority is to get the lowest price possible, winter is the best time to buy. There are fewer buyers in the market, which means there’s less competition and the sellers are more motivated. People who list their properties in winter do it out of necessity, so they’re more open to negotiating.
If you’re looking for a faster closing process and more flexibility in the price, some home sellers in the region work with Virginia Beach cash home buyers to speed up the sale, which can lead to fruitful opportunities for buyers to negotiate better deals.
The downside is that there may not be as many houses to choose from (depending on whether the real estate market is currently a seller’s or a buyer’s market), but the savings really make up for that. Some sellers will even offer to cover closing costs and make concessions, especially if the property has been sitting on the market for a while.
Conclusion
As you can see, there’s no one best time to buy, it all depends on what you’re after. Each season has its pros and cons, so it boils down to your priorities.
Virginia Beach has a dynamic real estate market and it changes a lot as the seasons change, so make sure to take that into consideration before you even start to browse, let alone make an offer.
Events
