If you’ve ever bought or sold a house, or even thought about buying or selling, you’ve probably experienced the confusing ups and downs of the real estate market. Understanding the best time to buy can be tricky, especially when everything from time of year to holidays to politics can influence how properties are priced.
Here we’ll cover some of the main ebbs and flow of the real estate market in Southern California and help you feel more empowered in your hunt for the perfect home.
Weekly fluctuations
Most homes go on the market on Thursdays or Fridays making the weekends the best time to get in and make a deal. Later in the week, you’ll likely face more competition and shifts in pricing.
Bottom line – Prepare to buy on a weekend for the best availability.
Seasonal considerations
Spring is the most common time to buy (April specifically, but anytime between March and May). During these seasons, prices may be higher due to more home buyers in the market. To balance this out, many sellers are prepared to list their home in spring for the best chances of a sale.
Bottom line – Spring can be pricier, but you may have more options. Opt for summer or late fall if you’re looking for a great deal.
Interest drops
Interests rates have taken a dip in recent months, making buying your home much more affordable. Right now, you still strike while the iron is hot. Interest rates are expected to stay low for at least the first half of the year.
Bottom line – To lock in low interest rates, consider shopping for a new home in Southern California now.
Home prices on an incline
The average median home value in California is still increasing with the median home value at $615,000. These prices reflect a huge 10% increase since December of last year.
Bottom line – It’s not likely that home prices will drop soon and may continue to increase.
There is No Perfect Time to Buy, Just the Right Time for You
Ebbs and flows in the market are always shifting. While we can consider these fluctuations, we can’t rely on them. The best time to buy a home is when it makes sense for you and your family. If you’ve been dreaming of buying your first home or moving into a new property, now is the time to start the conversation.
