THE ULTIMATE GUIDE TO THE BEST TIME TO BUY OR SELL A COASTAL HOME-TIMING YOUR MOVE FOR THE PERFECT BEACH FRONT PROPERTY
If you’ve been thinking about buying or selling a home in a coastal area, you’re not alone. Coastal real estate is incredibly appealing, whether for its stunning views, fresh air, or the relaxed lifestyle that comes with living by the water. However, like any real estate market, coastal properties come with their own set of dynamics, particularly when it comes to timing. Knowing the best time to make a move is crucial to ensuring you get the best deal and on this blog we will learn more.
Understanding the Coastal Market
Coastal areas especially here in Kilifi, often have unique market conditions compared to inland locations. These areas are typically more dependent on factors like tourism, weather, and seasonality, all of which affect buying and selling patterns. Additionally, the market can be more competitive, with many buyers and sellers looking to take advantage of prime locations such as Bofa and Vipingo.
The Best Time to Buy a Coastal Home
When you’re buying a home in a coastal area, it’s important to consider both the season and the economic factors that impact real estate.However, the good news is that our company LACOVIA HOMES CONSULTANCY just as the name suggests, is always glad to offer great advice to both the buyer and seller during this incredible journey of buying and selling homes. Here’s a breakdown;
Off-Peak Seasons (Fall and Winter)Lower Prices: Sellers may be more motivated to negotiate during the off-season, especially if they’re looking to sell before the year ends or avoid paying property taxes for another year.
Less Competition: With fewer buyers on the market, there’s less competition for properties. This gives you more room to negotiate and the ability to find a hidden gem without being outbid by multiple offers.
The Best Time to Sell a Coastal Home
On the flip side, if you’re selling your coastal property, timing is everything. Many sellers are eager to capitalize on the demand that comes with the summer season, but is this really the best time to sell?
Spring (March-May)
Spring is often considered the ideal time to list a coastal home. This is when the market begins to heat up, and potential buyers are more active. Families are typically looking to make a move before school starts in the fall, and the pleasant weather makes it easier for buyers to tour homes.
Here’s why selling in the spring works well:
- Increased Demand: Many buyers begin their search in spring, as it’s the time when families and retirees often make their moves. The warm weather and long days make it an ideal time to showcase your home.We often get calls from clients who want to build their parents retirement homes during this time.
- Curb Appeal: The lush, green landscapes like here in Kilifi Takaungu, are often at their best in spring, boosting your property’s curb appeal. A beautifully landscaped yard, blooming flowers, and bright, sunny skies can make a big difference when attracting potential buyers.
- Higher Sale Prices: Spring is considered a seller’s market, meaning there are more buyers than homes available. This often leads to higher prices and more competitive offers.
Summer (June-August)
Summer is the peak season for real estate, especially in coastal areas. Many people are on vacation, and more buyers are in the market. This can be great for sellers because of increased demand and the possibility of receiving multiple offers.
However, there are some considerations for sellers during this time:
- Higher Competition: The increased number of sellers in the summer months can create more competition. If you’re listing your home during this period, make sure it’s priced competitively and in excellent condition to stand out.
- Vacation Market: If your home is a vacation property or located in a popular tourist destination, you may find that your buyer pool consists of people looking for second homes or rental properties. If that’s the case, be prepared for more negotiations regarding rental restrictions, furnishing, and upkeep.
Other Key Factors to Consider
In addition to the season, several other factors can influence the best time to buy or sell a coastal home:
- Weather: Be mindful of how weather can impact both the timing of your purchase and the condition of your property.
- Interest Rates: Mortgage interest rates can dramatically affect the cost of your loan. Lower rates can make buying a home more affordable, so keep an eye on interest rate trends.
- Local Market Conditions: Research local real estate trends.
Conclusion: Timing is Key in Coastal Real Estate
When it comes to buying or selling a home in a coastal area, the timing can make all the difference. Buyers may find the best deals in the fall and winter months when there’s less competition, while sellers can take advantage of higher demand in the spring and summer.
The coastal real estate market is unique, and understanding the seasonal trends, local market conditions, and broader economic factors can help you make the right decision. Whether you’re seeking the perfect beachfront property or looking to cash in on your coastal investment, timing is essential.
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