I had a client recently ask me when was the absolute best time to buy and sell property? Without hesitation, I said, Spring! Then I pondered for a moment, is that really the absolute best time or is this just something Realtors are prone to say? Is the real estate market really a fair-weather industry? Not everyone has the luxury of buying and selling in the Spring. As we all know, life events do not always happen in the Spring. There are always different factors why people are selling or buying property. Relocation of a new job, outgrowing a current home, taking care of an elderly loved one, downsizing into a smaller home, divorces, first time home buyers, ect., ect.
I decided to do some research in our market area for 2021. I only gathered statistics for Hopkins County Residential properties that sold on the multiple listing services.
January 2021 – February 2021 = $12.5 Million
March 2021 – April 2021 = $18.7 Million
May 2021 – June 2021 = $14.5 Million
July 2021 – August 2021 = $17.2 Million
September 2021 – October 2021 = $15.2 Million
November 2021 – December 2021 = $22.5 Million
So for 2021 at least, spring was not the “right” time, it looks like November through December was actually the best in Hopkins County! However, Spring still showed strong in second place. But there are factors other than just the calendar that can affect the market.
A number of reasons could factor in why this particular year in the late fall and early winter months were booming. Interest rates were at an all time low and people were taking advantage! Home prices were on the rise and not only in our area, but nationally as well.
When the dreaded Covid hit, nobody could have forecasted the effect that the pandemic would have on the market. Just know there is always a risk because the market can change at any time. No one has a crystal ball they can gaze into and see what exactly is going to happen with the real estate market. It basically comes down to a risk reward equation. You have to weigh out your personal options whether buying or selling is right for you!
Seeing as how we are past last year’s `primetime” If you have the option to wait to buy or sell, perhaps plan for the second best option. Spring curb appeal starts in the winter! If weather permits, start freshening up the landscape that includes pruning rose bushes, mulching, freshening up exterior paint, repairing fences, organizing the interior and exterior of your home. Procrastination is like a credit card, it’s a lot of fun until you get the bill! When the calendar page turns, you’ll be ready.
In conclusion, the market is still hot! House prices are stable at the moment and interest rates have risen slightly, but not excessively. It is still a great time to sell or buy a home! Until next time…happy home selling and buying!