When Is The Best Time To Buy An Investment Property?
It really depends on which type of rental property you are looking for. If you are seeking out a student rental the best time to buy an investment property is typically in January or February. This is because student leases run from May 1st to April 30th. Investors know to list these properties at the beginning of the year to give buyers enough time to advertise, show the property, and secure leases.
Many of the buyers will be parents of university students who would need to secure a deal at least 60 days prior to May 1st so that the current tenants are given enough notice that they are being evicted. Though, since it is a popular time to buy you may have some competition.
For other rental properties, there’s really no “best” time. November and December are a popular time for savvy investors as sellers tend to be more motivated to sell their house before the holiday season. Lots of people try to avoid selling their home in the winter due to bad weather and the holidays taking up a lot of their time. Therefore, most winter sellers are very serious about selling as they are more than likely facing some sort of deadline. Unfortunately, this time of year there is usually very low inventory so finding the right property isn’t always possible.
Spring is also a popular time for investors as it is typically the busiest time of year for new listings so you have a lot to choose from.
If you have any questions about investment properties or more about when is the best time to buy an investment property, please feel free to contact the GoWylde Team here!