When is the best time to buy or sell a Dayton Ohio house? That’s an age-old question that many buyers and sellers have been seeking an answer to for years. As more and more people are thinking about wading back into the real estate market, both buyers and sellers, are again asking the question, when is the best time?
Best Time to Buy a Dayton Ohio House
The best month to make an offer on a home is January. Fewer buyers are willing to house-hunt during cold, nasty weather, so there’s less competition and few, if any, bidding wars. Sellers also tend to be more motivated than they will be in the spring, when there are more buyers. Why? They may have just received their credit card bills that reflect Christmas spending and may be feeling financially strapped. And their decision to try to sell their houses in the winter means they’re willing to risk listing during a time of the year when properties tend not show particularly well.
Best Time to Sell a Dayton Ohio House
The best time to be selling a Dayton Ohio house is in the Spring. Buyers come out of the woodwork during the spring, and with tax refund checks in the bank or in the mail, spring buyers more often pay full price. In fact, sales peak in the spring, helping to explain why about 60% of those who move do so in the summer.
Best Time to Buy Instead of Rent
The best time to stop renting and buy a house is when it costs less to buy than to rent. But how do you figure that out?
Find two similar houses – one for sale and one for rent – and divide the asking price by the annual rent. The difference is called the rent ratio. During the 1970s, 1980s and 1990s, the nationwide rent ratio stayed between 10 and 14, then rose to nearly 19 in 2006, when the housing market topped out. A rent ratio of 20 or more usually means that it costs considerably more to own than rent after you factor in the mortgage, taxes, insurance, repairs and other expenses. It makes financial sense to buy when the rent ratio is a lot closer to 10 than to 20.
If you need help trying to figure out the best time to be buying or selling a Dayton Ohio house, give us a call. We’ll be happy to sit down with you for a no-obligation consultation, based on your particular needs. As with buying shoes, buying a Dayton Ohio house is not a “one size fits all” thing. Everyone’s circumstances are different, and so might the timing for you be different. We’ll be happy to help you decide the best time of the year for you, whether you’re buying or selling.