When’s the Best Time to purchase a House? Dig into the Data | ZING Blog by Quicken Loans
If you’re thinking about buying a home soon, you may be wondering when it’s the right time for them to start shopping so as to get the most bang for your buck.
We’re simply just coming out of the freeze them here in Detroit, as in quite a few northern communities, but the winter can be a terrific time to buy. Winter buyers have more bargaining power because fewer potential buyers are out there, as well as sellers are more enthusiastic to negotiate. (Sellers have the advantage of knowing these kinds of buyers are encouraged and serious.)
One of my favorite things I get to complete on the Zing Blog is interact with the wonderful readers in the comments section. A readers pointed out that seeing that great as this guidance sounds, it doesn’t really work in places including Florida where the climate is warm year-round. What’s the ideal time to buy in these places?
First, I’d like to let Yolanda D. know I’m green with envy of where she will be looking to buy. More importantly, struggle accepted.
Before starting this research, my speculation was that it was almost certainly best to sell with warm climates during the summer time when it was most desirable. Just like the cold, I think people really don’t like stifling heat, also. And I assumed there would be less competitors because the people who are in the South mainly for the winter would have changed out, leaving exactly the year-round residents.
Any hypothesis is usually useless though unless it’s subjected to controlled scrutiny. So exactly what is the real best time to buy a house in your place? I dug in to the data.
The Data Set
In order to test the best time to purchase a house in each place, I needed a lot of files on house rates. It can be hard to do this because not every house that’s comparable to yours near you is on the market concurrently.
To get around this, were using Zillow data broken down by metropolitan location. The data covers each one quarter for the amount 2016