The Best Time of Year to Buy a House
New Year, New House
Are you a home-owner looking for a good deal on a new house? Are you a real estate agent looking to help your client find the best overall package? Now is the time to buy. According to the experts, January is the best time of year to buy a house in terms of price, mortgage and interest rates, and the number of buyers on the market compared to the number of houses for sale.
Stray Away from the Pack
Typically, spring and summer are the most popular times to buy a home. The weather is warm, the days are longer, and the kids are out of school. However, you may pay a pretty penny for buying during the more pleasant months of the year. Those who don’t mind facing the cold weather in January have the potential of buying for less, according to a study done by a September 2016 NerdWallet study.
“While winter homebuyers generally encounter a lower inventory … [the] study found that they have the advantage of less competition,” writers Daniel Tonkovich and Emily Starbuck Crone wrote in the article. “Additionally, the study showed that home prices in January are typically the lowest they’ll be all year.”
The study stated that residential listing prices were on average 8.45 percent lower during the first part of the year than in June through August.
Let’s Make A Deal
Chris Harden, owner and broker of RE/MAX Four Corners in McKinney, TX and RE/MAX Prestige in Celina, TX, said that the best time to buy a house is going to be in the early part of the year between January and April. He said the interest rates are still low during this time of year but will continue to increase as buyers get closer to the summer time. Mortgage rates will also rise as the year goes on.
Harden noted that the number of buyers on the market is also down.
“That means that once a seller gets an offer, they’re more likely to negotiate because they don’t have as many buyers putting in offers,” Harden added. He said that now is the time for buyers to save money and get a better deal!
What Does This Mean for Brokers?
Real estate agents are always busy, even during the slower months. If you’re not showing houses, you’re business planning and focusing on other administrative or marketing tactics. Harden suggests planning your business for the year ahead.
“Right now is always a great time to start planting seeds for future leads,” Harden said.
He said agents should start contacting clients now and ask, “Are you still interested in buying a house?” in order to draw in responses you may not get otherwise. Harden added that it’s better to call, text, or leave a video message to potential clients looking to buy. He said to avoid email messages.
So, whatever you find yourself focusing on this New Year, all of us at First Western/International Title truly hope you find new business and meet your goals for 2018.
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