My Dirty Little Secrets for Buying a Home Series
Buying a home for the first time can be confusing. That’s why the tips and strategies in my 8-week series will guide you in the right direction. It’s my own unique approach and a “behind the scenes” look at what to watch out for and consider when starting your home search.
Buying a home in the Raleigh/Durham market requires an understanding of not only the seasonal shifts in market activity but also the weekly flow of the market.
You’ll need to understand that there are two cycles: a yearly one and a weekly one when looking at homes. And you’ll need to be prepared and know what to expect for each one.
One simple way to explain these cycles is with a surfing metaphor: It’s like knowing the best time of day to catch the best waves or whether to wear a wetsuit during certain times of the year.
Same concept for buyers!
Just like a surfer riding waves, you learn what to expect and when to be out there for the best results. It’s a big lesson for buyers to understand they need to adapt and stay flexible.
Go With The Flow
I can’t emphasize enough that you’ll be a successful and less stressed buyer if you know how to respond to the cyclical flow of the market — both seasonal and weekly.
My secret tips below will help you understand why timing can influence how you go about searching for a home.
The Weekly Inventory Cycle
Homes tend to come on the market Thursday and Fridays. As the weekend approaches, buyers have time to devote to their home search. Makes sense!
That means you have to get organized on Friday afternoon or evening to know what homes you are going to see on Saturday and/or Sunday. (Your Friday nights will never be the same!)
Typically, depending on the neighborhood you are looking in, homes will either go for “speed” or go for “the money.” What that means is, depending on where you are looking, sellers either tend to take offers quickly OR they set deadlines after the weekend to give as many buyers a chance to see their home, hoping to get multiple offers and drive the price up.
However, in our current market, homes are sitting a bit longer, allowing buyers to take their time and make a sound decision.
Keep in mind that the inventory of homes for sale changes weekly, and depending on the time of year, it can be drastic. So once you decide you’re serious about buying a home, you really need to be out there looking every weekend you’re able to in order to see what has come on the market every week.
The Yearly Inventory Cycle
Here’s a breakdown of what to expect during the year:
- Inventory (the number of homes on the market) in Raleigh and the surrounding areas has a yearly cycle that looks like a bell curve with the low periods in January and December, and the height of the inventory peaking in April through June.
- The overall market slows down in July and August but picks up right after Labor Day.
What does all this mean for you?
Go with the flow! If you are starting your search in December, January, or August, be prepared that there won’t be that many homes to see. If you can be patient and wait it out until March, April, May, or June, you’ll have plenty to choose from.
That’s why you don’t want to get frustrated or give up on your dream to own a home if it’s simply timing that’s not on your side.
There are exceptions to every rule, so if you want to know what to expect for your own home search, get in touch, and I’ll help you through it all. It’s not one-size-fits-all and there are no hard rules, just trends to keep in mind.
Let me know what you are looking for and where you would like to live. We can get you started on your search and help you fine-tune it to your needs and budget—that way, you’ll know what to expect and avoid anxiety about your search.
“Chillax” and ride the wave of this great Raleigh! Let me show you how. Email me here!
Next up in my Dirty Little Secrets for Buying a Home series is a must-read – What NEVER to Do Before Buying a Home. These tips will save you a lot of grief!
