The best time to buy a house in Philadelphia is late summer, around August and September. The reason for this is because of the typical timeline of listings. Spring is the most popular time to put a house on the market, and with so many homes listed, there is high competition with increased prices. Towards the end of summer, sellers who have not sold decrease the price of their listings out of fear. A better purchase price is then created for potential buyers in the late summer! There are new construction homes in Northern Liberties and The Mike McCann Team would be happy to show you available homes in the area.
The Majority of Listings Occur in the Spring
According to Zillow, the greatest amount of house listings occur in the springtime. Since so many houses are on the market, there is plenty of competition. Costs can be high, and the home of your dreams might be bought before you get the chance to put in an offer. The end of summer offers a less stressful time to search for and buy a house. Various options still remain during this time, and there is a higher chance you will actually get the home will all the features you want!
Zillow found that the peak time for price reductions was the month of September. With most people putting their houses on the market in the spring, if houses are not sold by late summer, sellers will reduce the prices. Sellers decrease their asking prices out of fear that their home will not sell, creating a more favorable opportunity and lower purchase price for buyers.
Buying a house requires understanding a number of factors. The availability and prices of homes are always changing, so it’s beneficial to keep track of the trends occurring. Sticking to your budget is vital, so avoiding the springtime is the best strategy. There will still be houses suited to your liking on the market during the late summer, so don’t fret. You have a greater possibility of getting your dream home at the best price during August and September, so check the Philadelphia listings at this time! The Mike McCann Team would love to show you the condos for sale in Northern Liberties Philadelphia.
If you would like to learn more tips on buying a house in Philadelphia, The Mike McCann team is here for you. For more information, contact us today.
