When Is The Best Time To Buy Or Sell A Home In 2020?
If you had to guess which month most people who are looking to buy a home actually start their search, what would you guess? If you're like most, you probably think it's sometime in the spring around April. That may have been at one time but not anymore! According to the numbers, January 2019 was only 1% behind February 2019 for the most number of monthly views per listing on Realtor.com.
So...why should you care? The busiest season in real estate has officially just begun!
The numbers also indicate that Colorado isn't alone,
“Historically, April launched the kickoff of the home shopping season as buyers would come out of their winter hibernation looking for their new home. However, the spring shopping season now starts in January for many of the nation’s largest markets.”
The reality of it is that with fewer homes on the market through winter, the supply will naturally increase as we head into the spring season. Sellers who decide to wait for April will only find more competition from their neighbors who also decided to wait rather than the competition from buyers that we are seeing now due to the existing shortage of inventory.
Sean Savitt, Realtor and Founder of LIVLUX Real Estate says,
"Homeowners looking to sell this year that decide to wait out the 1st quarter will quickly find themselves behind the curve. The Denver and surrounding area's market isn't what is used to be and homeowners not keeping up with our new seasonality will find themselves paying the price."
Perhaps now is the right time to jump into the market.
This shift happened when buyers got savvy and decided they would beat out the Spring/Summer rush by starting their search earlier in the season. Those who did have done well for themselves however others are clearly catching on and each year we see buyers start their efforts earlier and earlier in the year.
George Ratiu, Senior Economist at realtor.com says,
“As shoppers modify their strategies for navigating a housing market that has become more competitive due to rising prices and low inventory, the search for a home is beginning earlier and earlier.”
There is a lot of contributing factors in the market causing the search for a home to shift to an earlier start each year. The one thing we know for sure is if you’re thinking about buying or selling a home this year, the earlier you get started, the better.
Economical Principle Reminder: When should you sell something? When there is less of that item for sale and the greatest number of buyers are in the market. (Low Supply/ High Demand) That’s exactly what is happening in our real estate market right now but expect that to shift again in the next 60-90 days.
The early bird will get the worm in early 2020! The new spring real estate market is underway so if you’re considering buying or selling, reach out to a local real estate professional while the market is still working in your favor.