First time home buyers in Silicon Valley and folks relocating from out of the San Francisco Bay Area often ask me if buying a home in late fall or winter is a good idea, or if it would be better to wait until spring, when there’s presumably more inventory. We sell a good number of homes year-round here, thanks to our sub-tropical climate. This is true even when we get a whole lot of rain.
The real estate market is a little different each year, but there are some general trends – you just cannot count on them, that’s all! Here are some “usually” situations, but please know that this may or may not apply the year you want to purchase a property!
- Usually we see the most inventory in summer (followed by spring)
- Usually we see the least inventory in winter (especially between about Thanksgiving and the Superbowl)
- Prices are normally softest in winter – closings in January (sales in December) tend to be the lowest
- Interest rates on mortgages or loans are normally at their lowest during the winter (it’s supply and demand related)
If you want a better deal, shop in the late fall and winter. If you want more selection, shop in spring and summer (but it will often cost more!). It is up to you!
What I normally tell my clients is this: buy the home you want to live in, when you’re ready, regardless of the time of year. If you can find what you like now, buy it! We never know what the coming year will bring, but right now, it’s expected that prices will rise in 2019.
See what’s currently for sale in Santa Clara County on the map below: