Buyers, f you want to get a good deal, your odds are best to buy a house during the fall and winter months. Now that Halloween is over, don't be afraid to buy your new home!
Year after year, closings in January tend to show a dip in prices,
suggesting that buyers who made offers in November and December got the
best deals. In the summer of 2014, for example, median home
prices climbed past $220,000, only to drop below $200,000 in January of
2015. Median home prices nearly hit $240,000 the following summer, only
to move down again in the late fall.
Knowing this, many sellers don’t list their homes later in the year,
and many pull their listings in the late fall in hopes of starting fresh
in the spring. Sellers who stick with it, though, are the most
motivated.
A RealtyTrac
analysis of home sales over the past 15 years pegged October as the
best month to buy at a discount, 2.6% less than the fair market value at
that time. Buyers who shop later in the year may be able to
negotiate a better price.
Call Team Red and let us help you find your next home. If you were already thinking that you wanted to buy a new home soon, this might just be the perfect time to find your dream house and pay a little less and get your new mortgage while the interest rates are still historically low.
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