Autumn, winter tend to offer better prices for homebuyers

While summer offers the most inventory of homes on the market, it is generally the most expensive time to purchase a home, according to a recent report from NerdWallet.

This may benefit sellers, but buyers can get more bang for their buck if they wait. The report analyzed 50 metro areas, and found that homes in the autumn sell for nearly 3 percent less on average, a decrease of $8,300 on a median-priced home. If your clients can hold off until the colder months, winter sale prices are the lowest. Homes sold in January or February cost 8.45 percent less on average compared to June, July and August. January had the lowest sale prices in 29 out of 50 areas analyzed, while February had the least expensive prices in 19 out of 50 markets.

The report also pointed out that those selling in the winter months should expect to make less money until both inventory and price creep up again in the spring.

In Pittsburgh, the average median sales price in the summer is $158,063. In the fall, the price drops to $147,150, a decrease of nearly 7 percent. In February, the least expensive time to purchase a home in the Steel City, the median sales price drops to $134,450, almost 15 percent less than in the summer.

Meanwhile, in the Philadelphia area, the average median sales price in the summer is $245,292. This drops 6 percent to $230,530 in the fall, and falls another 13 percent to $213,500 in February, the least expensive time you can buy a house in the area.

The seasons don’t impact listing prices, the report found. Instead, in the summer, sellers typically have the advantage, leading to close listing and sale prices, while in the winter, buyers usually have the advantage, leading to a larger gap between what sellers want and what they get.