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.
Questions or Comments? Email shannonw@firstwesterntitle.com
That is good to know that spring and summer are the most popular times to buy a home. My husband and I have been thinking about buying a home, but we don’t know when we should start looking. I like the idea of buying off season when we have less competition. Thank you for the information!
Hi Deb – Thank you so much for reading. I’m glad we can provide you with solid information. Please let us know if you have any questions about your home-buying experience. Best of luck to you and your husband!
I was thinking about purchasing a home for the summer as I should have enough to move by then. Lucky for me, I found your article and your tip to try waiting until the winter season as the will be less competition. That should give me more time to prepare for the move and other stuff that would be related to it. Thanks!
Jeremy, that’s awesome! I’m so glad you came across our article and thank you for taking the time to comment. We hope you find the right home at the right price!
When buying a home, it is important for a home buyer to get the home inspected. A home inspection can be used to identify the faults in a home. Research is also an important part of home buying.
Yes, definitely! Thank you for your input, Ayoob.
It was really nice how you said that according to some study, buying a home during the colder months actually gives the person a chance to buy for less money. I think the reason why that is true is the idea that sellers and real estate agents are eager to make a sale considering not many people are looking for homes then. I will suggest this to my parents as I have heard that they want to buy a new home this year. Thanks!
Celestia, Thank you for reading and passing it along to your parents! We hope this helps and we wish them luck in buying their next home.
It was great how you pointed out that when it comes to buying a house, buying during the winter will mean that there are fewer options to choose from, however, there is also less competition to worry about. If that is true, then I will suggest that my parents buy a house during the winter season. After all, I know that saving money on the home buying project is their priority, at the same time, they are not rushing into buying a home. Thanks!
Julius – Thank you for commenting! I’m glad you found the information useful for your parents and we hope they find the perfect home that is reasonably priced. It’s great that they’re not in any rush and can really take their time to find the best deal during the winter time!
My mom has been trying to look at houses for sale to move out of the old home. She wants any tips that she can get to make this a smooth transition. I will let her know that winter is the perfect time for a low competition.
Alexandria, yes the winter time would be perfect for your mother. Thank you for reading!
Oh, since the days are longer in the summer people are more likely to buy homes. My wife and I are going to follow your advice and buy a house in the spring or fall.
We need to find a real estate agent that can help us to prepare for the colder months.
Leviticus, that’s wonderful! I’m glad you found our advice helpful. If you reach out to the closest First International Title office to you, they should be able to help you find a great real estate agent to help! Here is our office locator: https://www.firstintitle.com/fllocations/ Good Luck!
I like your point about how a good real estate agent is always busy and planning. My parents are hoping to buy a house soon. They’ll want to make sure and use a professional. Knowing you have someone to help throughout the entire process is probably very helpful.
Thank you for reading & commenting, Lucy! Your parents will definitely want to use a professional realtor – it really does make the whole process easier and more understandable.
I thought it was interesting that homes usually cost more during the spring and summer. My friend wants to buy his first home, so I think this article could really help him. What are some tips for choosing a real estate agent?
Hi Bethany – thank you so much for reading and passing this along to your friend! You can check out our other blog, “Tips on selecting the right realtor” here: https://www.firstintitle.com/2017/02/tips-on-selecting-the-right-realtor/
And you can also reach out to your closet First International Title office and ask to be paired up with one of their realtors! https://www.firstintitle.com/fllocations/
Good luck!
It was great how you emphasized that the best time of the year to buy a house is in between January to April since the interest rates are usually low before the summer season hits. If that is the case, then I will begin my search for a property right now. Mom needs a new house when she returns from Portugal and asked me to research the best time to buy a house. I will share this with her and discuss our action plan. Thanks!
Ria, that’s fantastic! Thank you for reading and sharing. Good luck with your mom! Let us know if you have any questions or concerns.
I did like it when you said that for money saving purposes, buying a house during the winter is a good idea since there is a lot less competition and so sellers are more willing to negotiate. I am quite sure that my parents are not rushing into buying a home, so I will suggest this to them. After all, one of the things that matter to them the most is saving money for the home buying project. Thank you for sharing.
I do like it when you said that it is best to buy a house during the first quarter of the year since sellers are most likely to negotiate for an offer since there aren’t many buyers then. If so, then I will surely suggest my parents to start looking for a house this season. They want to make sure that the get a house for the best price, and if there is not much competition, I am pretty sure they will get what they want. Thank you.
I like what you said about January being the best time of year to buy a house in terms of price, mortgage, and interest rates. We’re thinking of buying a new home sometime this year and want to get the best deal we can. Thank you for the information about how there are fewer people out there as competition at that time of year as well. It’s good to know!
Khorae, you’re welcome! Thanks so much for your comment.
I am sure that the same goes for almost anyone, but it was great to know that the best time to buy a house is the winter season because of the fact that there is less competition to deal with by then. I guess I can consider that since I am yet to start actively looking for a house. If buying during the winter will promise me that I will get a good house for a great price, then I think I can wait. Thank you so much for the idea!
Emery, it’s our pleasure! Thank you for reading and we’re so glad it was helpful.
It sure was nice when you said that buying a house during the colder season will prove to be beneficial for the person because they have more chances of buying a home for a lower price. Surely my sister will love this idea because saving money is the top priority for her. However, since it is already April, I sure hope that she is not rushing into getting a home. Anyway, thank you for sharing!
Schiro, saving money is everyone’s top priority. I’m glad we could help! Thank you for reading and commenting.
Thanks for sharing your thoughts on when would be the best time to buy a house. We’re trying to look for a new place and it seems so hard to do so. It’s been almost 2 months now and yet, we cannot find any. I guess we really need to seek a professional help by now instead of just searching it online.
Hi Joy – it can definitely be challenging looking for a home. We would certainly suggest reaching out to a real estate agent! If you need help getting connected to one, reach out to one of our closest offices to you and they should be able to pair you up with an amazing realtor: https://www.firstintitle.com/fllocations/ Good Luck!
It sure was nice when you said that spring and summer are the best time to buy a home because of the idea that children are out of school and the days are longer. That just means we can stay outside for a long time scanning and seeing every home that catches our eyes. I will talk to my hubby about this since it seems to me that it will help us find a new home quickly. Thank you so much.
Hi Amanda, thank you for reading! Spring and summer is certainly the most *popular* time to buy a house. However, if you’re looking for a cheaper deal on a house, the winter time will be better for that. We wish you the best of luck with your hunt!