by MJ Stearns & MaryBeth McLaughlin
If you’re looking to buy a home, there’s no doubt you want to pay the best price. Sometimes, entering the market at the right time can help.
Just like there are hot times of the year to buy cars, there are peak buying seasons for homes.
Generally, winter is the best time of the year for buyers looking for a good deal. During the winter, and specifically in January, there is a scarcity of buyers. This is especially true where temperatures dip dramatically and fewer people want to venture out into the cold. In fact, you can consider January as the near opposite of the spring, when buyers flood the market and home prices shoot up.
The length of time a home is on the market has a direct impact on the sale price. Sellers are more willing to lower their price expectations the longer a home is on the market. That means buyers have more room to bargain for a good price in January than they would in more active sales months such as June.
Remember that there may indeed be less home buyers looking for properties in January, so sellers may have fewer options. But there is also less supply of properties in January.
So, while you may get a better price for a home in January, you may be able to find a more suitable home (or at least have a wider selection) in the summer, when there are more homes on the market.
If you really want to get into a new home in the New Year, then you might want to start the year off looking, because January offers several benefits that the summer months do not. Here are four reasons why January is one of the best months to shop for a new home.
Most home buyers want to be in their new homes in time for the new school year and the holidays. Since the number of buyers drops off significantly in the winter months, this leaves you with less competition to worry about. The chances of you getting into a bidding war tend to be pretty slim.
Of course, this also means that inventory won’t be as high, so you will have fewer homes to choose from. But if you see a home you are interested in, you can be sure the sellers will be glad to receive your offer.
With the market less saturated with buyers, realtors often find themselves with a lack of clients. By looking for a home in January, your realtor will be so glad to have your business they will provide you with outstanding service. Your realtor will be quick to answer your calls, ready to show you homes at a moment’s notice and help you get into your home much quicker than it would take in the warmer months.
If getting a great deal on a home is important to you, then you don’t want to wait long into the new year before you start looking. Home prices will continue to rise as the months pass by. The home you find in January could wind up costing thousands of dollars more if you wait to put in your offer in April or May.
