There’s more to buying and selling a home than looking at current listings or putting your house on the market as soon as you make the decision to sell. Both buying and selling require strategies. There are seasons that are prime for selling as well as those that are excellent for buying. Here are the best times for buying and selling a home in St. Louis by season.
Spring for the housing market actually starts in January. This is when selling season is usually the busiest. The holidays are over. The weather is starting to warm. There are several advantages for both sellers as well as buyers during this time of year. For sellers, their houses naturally look better in the springtime. They can often ask higher prices since home values are better. Bidding wars from several buyers also means sellers can pull in bigger profits. Some buyers may be more willing to pay a higher price in order to have sales finalized when school is out for the summer and to make sure they have the purchase ready for tax season. On the downside, since so many houses are on the market means that customers can afford to be a bit pickier.
For buyers, this influx of houses available for sale means they have more to choose from. This lets them be a bit more selective about what they want. Spring is also a great time to buy since sales will usually be final by the time school lets out, meaning any children in the family won’t get jostled from one school to another mid-year. The disadvantages to buying in spring are that houses are more expensive. Sellers can be choosy about who buys their home as well, since so many people are shopping.
Summer is vacation season, so for sellers, this means that the amount of people looking to buy homes is significantly lower. This often means that selling during this season leads to a lower sale price as the house sits on the market for a longer time. However, some buyers during this time may be desperate, meaning the seller could potentially get the higher asking price.
Buyers tend to have an advantage during the summer months. They can usually offer lower prices, as sellers during this time may be in a hurry to sell. There may not be a lot to choose from, however.
Much like the summer, fall is a risky time for sellers. Cooler months means less people are looking to buy. Potential buyers could offer less money as there is little competition and comps tend to be lower. Some buyers, though, may be desperate and settle on the asking price, allowing the seller to sell high and then buy a new home at a lower price, giving him or her a decent profit.
With such little competition in the fall, buyers may have an advantage during the fall. Homeowners trying to sell during this season may be desperate to unload their house, meaning the buyer can offer a lower price. Others may have no choice but to lower their asking price if their house has spent too much time on the market.
The cold months are the worst possible time for sellers and buyers. People are more concerned with the holidays. Those who would be interested in selling face few to no potential buyers, who would rather be spending time with family. In St. Louis, for instance, the weather is just too cold to deal with visiting potential homes. For those who would be buying, the market is practically barren, as potential sellers would rather keep their home through the holidays in order to host their families one last time.
No matter if you are buying or selling a home in St. Louis, the season in which you choose do so has a significant impact on how much you are able to get or how much you can save. Plan accordingly and you can find a wonderful house and keep your wallet happy.