In most cases, the decision to buy or sell a home isn’t an impulsive one. It takes careful planning to ensure that buyers and sellers are prepared for the process. Additionally, the timing of that transaction can have a significant impact on the potential sale price of your property and how many other homes are on the market.
Whether you’re planning to buy or sell a luxury home at auction or considering a more traditional route, your timing should occupy more than a passing thought. So, when is the right time to buy or sell a home? Consider the following factors:
1. Location
The market in your location will impact the right time to buy a home or list one for sale, and it could be vastly different from the market in the next state over. For this reason, it’s crucial to talk to local experts and, if possible, observe the behavior of the market for several months before you sell. In desirable vacation areas, you’ll likely enjoy better results if you list your home at the start of the vacation season. In regions with volatile weather conditions, the best season to list is usually the season with the best weather. This is also the time to consider the market if you’re looking to purchase a new home, as there will be a variety of options available.
2. Seasonal Weather
In general, the market is flooded with new listings in the spring, and the majority of home sales take place during the summer or early fall. Things tend to slow down in the fall and winter, especially in areas that experience particularly cold weather. This can be tough for sellers but a boon for buyers. Although there likely won’t be as many properties on the market, buyers may be in a stronger position to negotiate a deal.
Of course, in some areas – like ski destinations, for example – winter could bring an influx of visitors checking out the local market, as well as the slopes. And in milder parts of the world, like Florida, Southern California, or Hawaii, seasons will play a much less dramatic role in the real estate market. In these areas, the right time to sell a home is far more dependent on seasonal tourism than the weather.
3. Market Fluctuations
For many buyers, watching the Federal Reserve raising interest rates is the cue that they need to dive back into the market. However, this isn’t necessarily true of high-end homes, as luxury homebuyers aren’t always dependent on a mortgage to finance a new residence, but it can still be a factor. Talking to your broker is the best way to get an up-to-date perspective on the way the current rates could affect the purchase or sale of a home.
No matter what time of year you’re considering putting your home on the market, marketing your luxury home for auction is often the best way to get top dollar for your property. When you list your home with Elite Auctions, you’ll work with a professional marketing team who will help you decide how to showcase and market your luxury home, as well as when it should go up for auction.
If you’re interested in buying a high-end home, browse our current listings. A luxury home auction can be a great way to secure your dream property without the hassle of lengthy negotiations.
Want to know more? Feel free to contact us today, and a member of our team will get back to you as quickly as possible.
