For home buyers hoping to snag a deal, they may want to make a move now. Home prices in January usually decrease compared to the spring and summer buying season.
There’s plenty of research to back that up too. NerdWallet recently crunched two years of realtor.com® data that reflected the 50 largest U.S. metros. Researchers found that January and February were the top months for those looking to get a bargain. In those months, home sales prices were 8.45 percent lower on average than in June through August.
“You basically face almost half of the competition with almost the same amount of inventory in the market,” says Jonathan Smoke, realtor.com®’s chief economist. Plus, buyers likely will face fewer homes with multiple bidders.
“As we look toward spring and later in 2017, [mortgage rates are] another reason to buy in January and February,” Smoke says. “Because rates are expected to be about 50 basis points, or half a percent, more as the year goes on.”
Source: “Why January Is the Best Time to Buy a Home” NerdWallet (Jan. 13, 2017)