When’s the Best Time to Buy?
Most everyone knows that we’re in a seller’s market. Why? Inventory is low so sellers can ask more for their homes, and get it. Interest rates are low so buyers are buying and getting more for their money than they will when interest rates rise. When a great home comes on the market, with so many buyers out there, it can receive multiple offers, often times driving the selling price above the asking price.
So when is it a buyer’s market? Now. The months of January and February are the best months in which to be a buyer. Seller’s who keep their homes on the market during the winter are more serious about selling. Fewer buyers are interested in buying because they don’t want to move during these cold months, and families don’t want to uproot their children during the middle of the school year, so there’s less competition for homes. Nationally, home sales drop by approximately 47% in January. Sellers will often take less for their homes in the winter because they’re not getting as much interest, or offers. With fewer buyers, the likelihood of a home getting multiple offers is lessened. It’s also the best time to look at a home, in its “worst light,” after all, everything looks better once the snow has melted and the flowers are blooming.
If those reasons aren’t enough to spur you to buy now, The spring market is expected to be strong. The fall 2016 housing market was considered to be the “autumn revival,” by the National Association of Realtors, because it was especially strong. Because of this, spring home prices are predicted to rise more than normal, and interest rates are expected to be about 50 basis points, or half a percent, more as the year goes on. Buying with a lower rate mortgage will get you more of a home, and cost you less over the long run.
Contact me today to learn more about the buying process and get started on the path to your new home!
Wendy Crook, Realtor
Keller Williams Success Realty
801-791-3955 | WendyCrook@kw.com
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