If you are looking for the chance to catch a deal – now is the very best time to buy!
Suburban buyers often time their purchases to the school calendar with an August move-in date as the deadline. Cold weather and the holiday season further distracts buyers so fewer are out shopping to begin with. Showing activity goes way down and sellers feel nervous (see chart below). For a seller who needs to sell or has been on the market for a long time, the thought of waiting it out for the spring market can make them much more negotiable NOW.
If you are looking for the largest selection, then early spring is your best bet.
Sellers prepare through the winter, spend their last holiday season in their home and then are ready to list in the spring. Sometimes as early as February! If you are out and about as a buyer in the spring, you will see the greatest number of homes hit the market and have many from which to choose. Of course, be ready to act fast since there will be stiff competition from all of the other buyers seeking their dream home!
For example, below is the buyer contract activity, by month, for Wilmette. This gives you an idea of when the fewest buyers are writing contracts, as well as when it is busiest.
I have also included charts showing the number of homes by month and average showings per home by month.
If you are curious about any other community, email me at Lisa@LisaFinks.com and I will send you a report for whatever communit(ies) you need.