A question I get asked often, when is the best time to buy a home. The obvious answer, when you need to, is probably your first thought but if you have some discretion in when you can buy then you might want to consider doing so in the winter.
This fact was expressed concisely in the latest issue of Market Matters put out by the CALIFORNIA ASSOCIATION OF REALTORS®, see below. To see how it applies to the Napa Valley, I looked at last year’s sales in the city of Napa and found the following. The median sales price for January and February 2014 was $463,250. The median sales for July and August of the same, year $505,000.
So if you want the best buy, let me put my 30 years experience to work for you and help you get the perfect Napa Valley property. It would be my pleasure to do so. Have a great holidays, cheers cvc
- There are seasonal differences in home prices. For example, the cost of a home is higher in the summer than in the winter. These seasonal shifts are well documented—most housing indexes provide “seasonally adjusted” prices—but many models of the housing market have failed to account for them.
- The reason for the difference? In the summer, there are many houses for sale, people find their ‘ideal house’ quickly, and they are willing to pay a higher price. While it’s true that homes generally cost less in the winter, that’s also when there are fewer out there to choose from—and thus when it’s harder to find a perfect fit.
- Because there is this critical mass that prefers searching in the summer, sellers list their houses for sale in the summer. And because there are more houses for sale, buyers also then prefer to search in the summer.
- People who move into new homes during the summer are often more satisfied with their purchases: They tend to live in those homes longer and spend a lot less money on remodeling. But, for those rare few who aren’t as picky about a house as everyone else, it makes sense to buy in the winter, when the pickings are slimmer but the prices are too.