When a consumer is about to make a huge financial expenditure such as the purchase of real estate, using every potential edge is critical!
Of course for many homebuyers the option to pick the time of year that a purchase is going to be made is often mitigated by outside factors such as the school year but, for those who have flexibility, wintertime shopping appears to be optimal!
At least from the standpoint of price that is and, truth be told, for most of us price is going to be the most important initial piece of information we determine (along with location) and one of the most critical ultimate variables in our purchase equation.
In a study conducted by London School of Economics professors L. Rachel Ngai and Silvana Tenreyro that was presented in The Atlantic, the existence of seasonal timing and the associated pricing advantage for homebuyers seems to be conclusive to the tune of 5% – 7%!
Good to know!
Here is the chart from their study with the full article available at The Atlantic using the link above.
Michael Haltman, President of Hallmark Abstract Service, New York.
HAS is a provider of title insurance in New York State for residential and commercial real estate transactions specializing in the areas of New York City, Long Island and Westchester.
For anyone either buying a property or refinancing, remember that although your attorney will likely recommend a title insurance provider, you always have the right to choose your own title company (click here to learn more)!
If you have any questions you can reach Michael by email at firstname.lastname@example.org.Google+