To Buy or Not to Buy: When is the right time?
August 21, 2019
“It’s a buyer’s market right now.” “This is definitely a seller’s market.” How do you know when to buy a home and when is the best time to sell your home? For most people, the need to buy or sell a home is out of necessity, such as for relocation for a new job, but if your move date is flexible, you stand to profit (or save if you’re the buyer) quite a bit of money depending on which season you choose.
Best Time to Sell in Alabama
Just like its climate, the Alabama housing market is hot right now! Home values rose 5.9% in 2018, and are trending to rise another 3.5% by the end of 2019. With the housing market experience an inventory shortage and the declining unemployment rate, now is a good time to list your home.
So much of the recreation in Alabama is centered around outdoor activities. If your home is on or near the water, the first of June is the best time to list your property. If your home is the average single-family residence, the best time to list is from May 1st to May 15th, according to Zillow.com. Families looking to purchase a home want to do so during the summer months to avoid disrupting their children’s education.
Best Time to Buy in Alabama
If you’re purchasing a home, you’ll want to try to avoid purchasing during a “seller’s market.” Like many other parts of the country, the best time to buy in Alabama is from November to January, if your budget is your main concern. It should however be noted that the supply of homes on the market gets bigger as the year goes on.
While you will most likely find homes at lower prices during the winter, you will find a smaller selection. The housing market supply can rise dramatically, even over a short period of time. March home sales on average increase from February to March by almost 11%, according to the University of Alabama’s Center for Real Estate.
Whether you’re buying now, or waiting for the market to cool down, the real estate market in Alabama is relatively affordable. The statewide median sales price of an average single-family residence $162,759. It has increased (by 2.6% from 2018 to 2019), but it is still a great market for buyers. Home buyers, particularly first-time home buyers can generally enter the market any time of the year and get a good deal. The best way to make sure you get a great deal on your new residence is to find a professional that meets your needs. If you work with a good realtor, you can negotiate a good price whenever you are ready to purchase.
If you need assistance with purchase contracts or a real estate closing, call the attorneys at Isom Stanko & Senter today.