Market Insights :: 2021 Year in Reivew
Generally, the real estate market activity in the Capital Region of New York State from year to year tends to present a mirroring effect. The number of homes for sale or "active listings" mirrors the number of sales in each month. 2021 illustrates that generalized statement.
If you notice in the graph above, the number of homes for sale begins to increase from January through August, and the "seasonality" of real estate begins from September through December.
As the number of homes for sale increase as seen in the graph to the left, the number of sales increases in a parallel manner as seen in the graph above.
So, there are two questions that sellers and buyers of real estate ask often. Let's answer them below...
"When is the Best Time of Year to Sell a Home?"
If you are a home seller, from a purely statistical point of view, the concise answer is December and January. The rationale behind the answer is there are fewer houses for sale during that period of time, therefore, less competition between sellers, the greater potential for a higher sale price. While there may be fewer buyers looking for a home during that period of time, there are always people who must buy a home due to leases maturing, people who recently sold their present homes and relocating employees who begin their new employment during the first part of the year.
For decades, the real estate industry has perpetuated the myth that the Spring is the best time of year for sellers to sell their home. Statistically, not so. Generally, there is a sharp increase in the number of houses for sale in the Spring, thus, increasing the competition between home sellers.
When is Best Time to Buy a Home?
From a home buyers point of view, generally, the Spring and early Summer months. This is the period of time when there is a swell of homes which enter the market as seen in the graph to the left above. Buyers will have a greater number of houses from which to choose with, generally, lessening competition for houses during that time.
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