My Dirty Little Secrets For Buying A Home
Buying a home requires an understanding of not only the seasonal shifts in market activity but also the weekly flow of the market.
You’ll need to understand that there are two cycles – both a yearly one and a weekly one when looking at homes. And you’ll need to be prepared and know what to expect from each one.
One simple way to explain these cycles is with a surfing metaphor: It’s like knowing the best time of day to catch the best waves or whether to wear a wetsuit at certain times of the year.
Same concept for buyers!
Just like a surfer hitting the waves, you start to know what to expect and know what time you need to be out there to get the best outcome. It’s a huge lesson for buyers to know that they’ll need to adapt and be flexible.
Go With the Flow
I can’t emphasize enough that you’ll be a successful and less stressed buyer if you know how to respond to the cyclical flow of the market — both seasonal and weekly.
My secret tips below will help you understand why timing can affect how you go about looking for a home:
The Weekly Inventory Cycle
Most homes tend to come to the market on Thursdays and Fridays. As the weekend approaches, buyers have time to devote to their home search. Makes sense!
That means you have to get organized Friday afternoon or evening to know what homes you are going to see on Saturday and/or Sunday.
Depending on the home you are looking at, it will either go for “speed” or go for “the money.”
What that means is, depending on where you are looking and the demand on that specific house, sellers either tend to take offers as they come in OR they set deadlines to give as many buyers a chance to see their home, hoping to get multiple offers and drive the price up.
If you see a home, you like online, reach out to your agent and flag the listing so your agent can reach out to the seller’s agent to see if you need to rush out to see it and go for speed, or if you can take your time and have a set deadline, typically for Sunday evening or early the following week.
There are exceptions to this rule, but typically, this is how the weekly cycle of hot new listings works.
Keep in mind that the inventory of homes for sale changes weekly, and depending on the time of year it can be drastic. So, once you decide to seriously buy a home, you need to be sure that you and your agent are keeping tabs on the homes that are available and not wasting time before scheduling a showing.
The Yearly Inventory Cycle
Here’s a breakdown of what to expect during the year:
- Inventory (the number of homes on the market) generally has a yearly cycle that looks like a bell curve with the low periods in December and January, and the height of the inventory peaking from April through June.
- Suburban homes follow the school calendar and tend to become available in April/May/June. Not as many suburban homes come on the market at other times during the year.
- The overall market slows down in July and August but usually picks up right after Labor Day.
What does this all mean for you?
Go with the flow! If you are starting your search in December, January, or August, be prepared that there may not be as many homes to see. But that doesn’t mean you won’t find the perfect one!
That’s why you don’t want to get frustrated or give up on your dream to own a home if it’s simply timing that’s not on your side.
There are exceptions to every rule, so if you want to know what to expect for your own home search, get in touch and I’ll help you through it all. It’s not a one-size-fits-all and there are no hard rules, just trends to keep in mind.
Let me know what you are looking for and where you would like to live. We can get you started on your search and help you fine-tune it to your needs and budget. That way you’ll know what to expect and avoid any anxiety about your search.
“Chillax” and ride the wave of this great Lexington market! Let me show you how!
Next up in my Dirty Little Secrets for Buying a Home series is a must-read – What NEVER to Do Before Buying a Home. These tips will save you a lot of grief!
