Spring and summer are historically the most popular times to buy a home. The weather is warm, inventory is higher and the school year is winding down or done. But those who shop during this peak buying season also face more competition and higher prices. Buyers willing to brave the colder weather can benefit in multiple ways by purchasing a home now.
While winter homebuyers generally encounter a lower inventory, a NerdWallet study found that they have the advantage of less competition. Additionally, the study showed that home prices in January are typically the lowest they'll be all year. And whenever an increase in mortgage rates are on the way, there are even morel reasons why January is the best time to buy!
Home prices in January typically take a dip compared with the summer buying season. NerdWallet analyzed two years of Realtor.com data for the 50 most populous U.S. metro areas and found that in January and February, home sales prices were 8.45% lower on average than in June through August.
During non-peak home buying periods, there tends to be a larger discrepancy between listing prices and sale prices, according to NerdWallets analysis. This can mean hidden savings for buyers. The last study found that in the previous two Januarys, the median home sold for less than the listing price.
After hitting historic lows, mortgage rates started rising. Economists express that additional rate increases mean higher monthly payments for future homeowners.
As we look toward spring and later in 2024, thats another reason to buy in January and February! Because rates could be more as the year goes on.
If rates drop, refinancing is always a great plan so there is no reason to miss out on a great deal now!
January is an ideal time to make your move!
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Anna Bierman, Broker
Bierman Realty
281-785-5710
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