Fall is in full swing and with it comes cooler weather, Halloween pumpkins, and the start of a few months of great deals in real estate. Regulars to this blog post are learning how seasonality plays into the real estate market, specifically in Charlotte. Each year our market generally peaks around June and hits a seasonal low in January or February. To be sure, that means both the number of monthly home sales and the average sales price for our area in any given month will hit a seasonal low in January or February. These sales will be the result of contracts between buyers and sellers in November and December, since a contract generally takes around 45 days to close.
Make no mistake about it, shopping for homes and making a deal in November or December is the best time of year to get a great deal and the market stats prove the point. The average sales price in Mecklenburg County can dip 10-15% from the summer months into winter. Just check out my previous blog posts and the real estate stats that we post monthly here: http://wrealtygroup.com/market/stats/
I have a simple hypothesis that may explain this phenomenon. First, priorities tend to shift towards the end of the year with the focus changing to holiday festivities. Many people put off a home purchase until spring because of too many other obligations around the holidays. Second, when the leaves fall from the trees, the grass starts to go dormant, and the weather gets colder, homes and their surroundings just don’t look as appealing. It might take a little more imagination to think about what some properties will look like later in the year.
Our team understands the nature of this seasonal discount and is ready to help our clients see the potential in the fall and winter deals that are out there. If you are thinking about buying a home next spring, you might consider starting your search early before home prices start creeping back up again.