Last month, I talked about how to sell your home in any season—now let’s talk about the flip side: buying a home in any season in Philly. Here’s what to look for, what pitfalls to avoid and how to prepare to make a good real estate deal any time of the year:
Winter—Competing buyers may have taken a break from the hunt and sellers may be more willing to make a deal because they need to sell. You can take advantage of the colder weather to really inspect the heating system and feel out any drafts or insulation deficiencies too—something you really need to know if you’re buying a home in Philly!
Spring—Spring homebuyers need to be ready for bidding wars and be decisive and quick on their toes. April is usually a super-hot real estate month and there’s a lot of buyer competition; there’s also a lot of new inventory because that’s when many sellers like to list homes. There won’t be a lot of wiggle room on prices, but with a local expert on your team, you can still find a good deal.
Summer—After July, some of the spring frenzy dips, but prices are still up. The good news is that you have a little more time and daylight to investigate essentials like the roof, the yard, drainage systems and how well the air conditioning works.
Fall—Fall is traditionally a good time for home buyers (particularly October, according to my stats) because the spring and summer buying frenzy ebbs. Sellers with their homes on the market in the fall may be in a need-to-sell situation and are willing to negotiate. Sometimes home inventory dips in the fall, so there might not be as much to choose from, but there are usually still great homes on the market for lower prices as the light wanes and the temperatures dip.
You don’t always get to pick the timing when you buy a home, and there’s no truly reliable crystal ball for the real estate market—but knowing these seasonal rhythms can help you get the best deal, regardless of when you’re buying a home. I can also help you find deals you wouldn’t otherwise hear about in this market if you’re out hunting, so give me a call.