Sun, sand and For Sale signs
Research suggests house sales do rise in hotter weather, with a discussion paper released last year saying sales in the United Kingdom were up 108% in hot seasons and in the United States they were up 148%.
The study – issued by the London School of Economics and Political Science – found prices also rose in hot seasons, with an 8% rise observed in nominal prices in the UK during spring and summer and a 3% increase in the US.
But the reasons for the seasonal sales and price patterns were not clear.
Researchers wrote: “The question remains as to why presumably informed buyers do not try to buy in the low-price season.”
Consider buying and selling when it’s best for you
In general, the best time to buy or sell a house tends to be highly-influenced by individual circumstances – perhaps more so than the changing seasons.
It can also be a good idea to keep an eye on structural factors that may influence prices in the long-term, such as whether incomes and house prices or rents and house prices are moving in tandem.
Those eyeing the property market may also do well to take heed of one of the golden rules of investing in real estate: save a decent down payment. ING Direct USA’s president Arkadi Kuhlmann urged potential homeowners in a blog post on We, the Savers to save a good-sized deposit and not to over-commit on borrowing to buy properties they cannot afford.