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\t\t\t<\/a>\n\t\t \n\n\t\t\n\t\tBuy your first house with your eyes wide open<\/p>\n\n\n\n
Outsmart the world\u2019s most common financial trap! From BiggerPockets CEO Scott Trench and podcast co-host Mindy Jensen, learn how your home purchase can destroy your wealth\u2026 or generate even more. <\/p>\n\n\n\n
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\n <\/div>\n <\/div>\n<\/div>\n\n\nWinter<\/h2>\n\n\n\n
From October through January, people are focused on the holidays\u2014not buying houses. In fact, based on an ATTOM Data Solutions\u2019 analysis<\/a>, October is one of the slowest months of sales. This might drive you to lower your price, leading to less equity for you to walk away with.<\/p>\n\n\n\n However, people are always buying houses, especially serious homebuyers. If you find a serious homebuyer, you could close at a quicker pace than usual.<\/p>\n\n\n\n There\u2019s also something magical about a house during the holidays. Think of the possibilities to decorate it for potential buyers\u2014tastefully, of course.<\/p>\n\n\n\n If you are one of the few prioritizing moving over the holidays, then you might catch a deal! There\u2019s less competition for you as the buyer. Plus, desperate sellers might lower their price in winter.<\/p>\n\n\n\n This all comes with the risk of attending showings and signing the papers in inclement weather.<\/p>\n\n\n\n These months are some of the hottest\u2014so whether you’re buying or selling, buckle up.<\/p>\n\n\n\n Many sellers wait until the spring to list their properties. This might mean more competition for you as inventory increases, but there\u2019s also more buyers.<\/p>\n\n\n\n And more buyers can lead to competition for your individual property! Negotiations and bidding wars drive prices up, and that\u2019s great for the seller. Chances are you won\u2019t have to say yes to that first offer.<\/p>\n\n\n\n But this might mean buyers are pickier because they know there\u2019s more houses they can buy during these seasons. In the summer specifically, buyers are extremely motivated\u2014especially families with kids. Most moves happen during summer months since it\u2019s the easiest time to move. Kids aren\u2019t in school, you\u2019re able to take off work, and it\u2019s warmer weather.<\/p>\n\n\n\n With spring and summer, there\u2019s more houses available for you to choose as the buyer. You won\u2019t have to compromise as much on your wants. Plus, the weather will be beautiful\u2014perfect for picturing yourself on the porch of your future house!<\/p>\n\n\n\n You won\u2019t be the only buyer though. As listings increase, so do the number of potential buyers, which means competition can be fierce. You might find yourself in bidding wars or moving the process along more quickly than you anticipated.<\/p>\n\n\n\n Houses look beautiful against the changing colors of the leaves, but fall comes with fewer homebuyers as school starts back up and families settle into their routines. It\u2019s less convenient for people to move.<\/p>\n\n\n\n Similar to winter, the lack of buyer interest might lead to you decreasing your property\u2019s price. That being said, buyers in the fall are eager and motivated to finally settle their routine into a new home.<\/p>\n\n\n\n So what if you are the buyer? Does seasonality affect you, too?<\/p>\n\n\n\n Without a blazing sun or a snowdrift, fall can be a great time to move boxes and furniture into a new home.<\/p>\n\n\n\n The competition can be less because many families bought their homes in the summer market. You can find great deals as sellers lower the price from not being able to sell during the summer. However, there are fewer options for houses in the fall.<\/p>\n\n\n\n There’s two main questions to ask yourself when deciding if it’s the best time to sell your house\u2014going beyond what the weather is like.<\/p>\n\n\n\n The ability to walk away with equity in your pocket is one to be proud of! The changes in seasons could lead to you lowering your listing price (think: fall and winter).<\/p>\n\n\n\n On the flip side, seasons could lead to an offer higher than you originally thought, such as summer bidding wars over the perfect school district.<\/p>\n\n\n\n If you would make more money selling the home versus staying in the home, then it\u2019s a great financial decision!<\/p>\n\n\n\n Consider also what your next step will be. Are you selling your current home to purchase another? Will you be able to quickly and easily find a new home to buy? Or is the market saturated with buyer competition? You don\u2019t want to sell your house for a huge profit only to take out an even bigger mortgage than you planned.<\/p>\n\n\n\n Moving costs can range from $1,000-$3,000 when you hire professional movers. (Maybe more if the move isn’t local.) That\u2019s a significant cost to consider when making the decision, especially if you aren\u2019t walking away with as much equity as you thought.<\/p>\n\n\n\n Spring and summer months also come with higher moving costs because it\u2019s the peak season for moving companies. Consider shopping around and planning your expenses ahead of time when considering moving your family.<\/p>\n\n\n\n What if you\u2019re buying an investment property and not a home for your family? There are additional factors to consider regarding seasonality.<\/p>\n\n\n\n You can often get a buy and hold property with a tenant and lease in place at the time of the purchase. This way it won\u2019t matter if its winter. You already have a tenant and can start building equity on the home.<\/p>\n\n\n\n The temptation to buy new constructions exists in any season, but with spring and summer markets there\u2019s more options, which could deter you from buying new.<\/p>\n\n\n\n With new construction, there\u2019s potentially no costly repairs. But what if you go months without a tenant? You would still lose money. A rehabbed property would likely be just as updated, so significant repairs may not be a factor.<\/p>\n\n\n\n The big takeaway is that you need to crunch numbers and look at job growth, location, and comps in relation to the season. Don’t just assume one season is the best for buying or selling. When it comes to buying a house, timing is everything. Understanding the timeline for buying a house<\/a> can help you make informed decisions and avoid common pitfalls. From researching neighborhoods and obtaining financing to negotiating with sellers and closing the deal, there are many steps to navigate. By setting realistic expectations and working with experienced professionals, you can make your home buying journey a success. No one has a crystal ball, but the more educated you are, the better you can navigate your investment purchases.<\/p>\n\n\n\n Selling<\/h3>\n\n\n\n
Buying<\/h3>\n\n\n\n
Spring and summer<\/h2>\n\n\n\n
Selling<\/h3>\n\n\n\n
Buying<\/h3>\n\n\n\n
Fall<\/h2>\n\n\n\n
Selling<\/h3>\n\n\n\n
Buying<\/h3>\n\n\n\n
How to know when to sell<\/h2>\n\n\n\n
What\u2019s your home equity?<\/h3>\n\n\n\n
Can you afford to sell and move?<\/h3>\n\n\n\n
Additional factors to consider<\/h2>\n\n\n\n
Buy a property with a tenant(s)<\/h3>\n\n\n\n
Don\u2019t buy new construction<\/h3>\n\n\n\n
Plan ahead for the unexpected<\/h3>\n\n\n\n
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