My Little Secrets for Buying a Home Series
Buying a home for the first time can be confusing. That’s why the tips and strategies you’ll find in our 8-week series will set you on the right path. It’s my own unique approach and a “behind the scenes” glimpse of what you should look out for and consider when starting your own search for a home.
Buying a home in the Wilmington, NC area 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 – both a yearly one and 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 at certain times of the year.
Same concept for buyers!
Just like a surfer hitting the waves, you start to know what to expect and know what time you need to be out there to get the best outcome. It’s a huge lesson for buyers to know that they’ll need to adapt and be 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 tips below will help you understand why timing can affect how you go about looking 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 Friday afternoon or evening to know what homes you are going to see Saturday and/or Sunday.
Depending on the seller’s goals, homes will either go for “speed” or go for “the money.”
What that means is, 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.
If you see a home you like online, reach out to your agent and flag the listing so your agent can reach out to the seller’s agent and best advise you on the approach you should take for that home.
There are exceptions to this rule, but typically, this is how the weekly cycle of new listings works.
In the current market, most homes priced appropriately, particularly if move in ready, are going very quickly with multiple offers. If I am your agent, I will likely recommend you let me know immediately via text or a phone call if you see a home you like, and will get you in to see it as quickly as possible. It doesn’t always work, but I have seen a seller take my buyer’s offer because it was structured well as a strong offer, and was the first offer they received.
The Yearly Inventory Cycle
Here’s a breakdown of what to expect during the year:
- Inventory (the number of homes on the market) in the Wilmington, NC area, has a yearly cycle, with the low periods November – January, and the height of the inventory peaking April through June. There is usually a dip in the summer, and then it picks back up for September and October.
- Primary residence homes follow the school calendar and tend to become available in April, May, and June. Not as many suburban homes come on the market at other times during the year.
What does 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 more 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 not 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 any anxiety about your search.
Relax and ride the wave of this great Wilmington, NC market! Next up in My 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!
Hi, I'm Kim Crouch, and I help people who want to live in Wilmington near Wrightsville Beach, and aren't quite ready to move yet, figure out how to buy their NC coastal home now.
1001 Millitary Cutoff Rd Suite 101
Wilmington, NC 28403
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