As spring dawns in Philadelphia, there's a sense of excitement for those who are in the market to buy a home. After all, that's when there have historically been more homes for sale flooding the market. The timing isn't lost on others though as home buyers also face stiffer competition from others. As spring segues into summer and beyond, buyers might start to feel a sense of panic at not being able to find a suitable home within their price range.
Fall Doesn't = Panic Time
As the temperatures start to cool and the kids head back to school, many homebuyers might feel like they've missed out. That's not necessarily true though. It pays to be patient and not rush into buying a home that might be either too expensive or not quite right for your needs. Instead of feeling like their time. has passed, it's a smarter move to pour your optimism and energy into the listings that are available this time of the year.
Even though more new home listings hit the market in spring than any other time of the year, that's also when prices are higher and the competition is tougher. According to Zillow data from 2016, one-quarter of the homes on the market sold for more than the initial listing price from March through May. This is more than any other time period during the year.
In nearly every market in the country, the competition in the home buying arena heats up dramatically during the early spring and sustains itself through summer. By September -- and certainly October -- signs of a slowdown in interest are evident.
Home Sellers Want to Negotiate
Home sellers face a dilemma during the spring season. While there tend to be more buyers during that time, there are also more home for sale. Naturally, this means that not every home will sell. By the end of the summer, many of these home sellers are more will to negotiate and make concessions that make these homes even more attractive to home buyers.
In fact, more than 20 percent of Philly's active home listings were reduced in price once September hit. April and May 2016 saw upwards of 38,000 homes on the market in the city. Between 15 and 16 percent of these were sold for more than the asking price.
By August and September, the inventory wasn't that must different -- between 36,000 and 37,000 homes at that point -- but just 13 percent were being sold above their asking price. It pays to wait into summer is waning into September and even October if home buyers want the best deals.
Make sure that you have all the tools you need to find and negotiate for the home that's perfect for you. At RealtyTopia, we're here to help you through the process so you can find great deals -- even if you are a first-time home buyer.
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