The housing market has been, like everything else this year, totally wild. With more individuals working from home, having a little extra space has never been more desired.
And while the majority of the year has been a seller’s market, we’re fast approaching the buyer’s turning-point. If you’ve been holding out, here’s why right now is the best time of year to buy a house.
‘Tis the Season
Spring and summer seem notorious for moving. Kids are getting out of school, people have vacation time they can use, and overall there’s less workaround for most American families.
Sellers know that too, which is why the highest amount of houses are put on the market then, rather than at other points during the year.
A Realtor.com study found that late fall-winter is the best time to purchase a home. There were three key reasons for this:
Fewer Buyers, Less Demand
Buyers want to move in the summer. Less and less are looking to purchase as the winter months begin and the most eager to move will have made their purchases during the warmer months.
Better yet, with less demand, there will be fewer bidding wars. That means you’ll save time when making the decision to put an offer on a house (and the better chance you’ll get it).
Sellers Are Tired and Determined to Sell
Like buyers, sellers want to move during the summer months and thus less will list their homes around as the season begins. But as time goes on without being able to close, they’ll eventually start itching to move on.
Home Prices Decrease
Yes, on average, home prices fall during the colder months.
You didn’t need to ace your economics class to understand that with fewer buyers throwing down offers everywhere, and a high rate of homes still on the market, that your desired home will decline in price.
This means you can find yourself with an unexpected deal on your hands. You’ll be able to make a lower initial offering, request more updates during your inspection, and overall have more buying power throughout the process.
Interest Rates Are Low
In all of history, there has never been a better time to get a loan. Interest rates are currently at an all-time low, with many buyers scrapping near the bottom of 2%. Up until 2020, the record low was 3.29%.
According to several analysts across the board, those interest rates are going to increase next year, anywhere from the pre-2020 lows, to above 4% again.
While there’s no clear-cut way to tell how high rates will go, the fact that these are the lowest ever should be incentive enough to make the move.
Now Is the Best Time of Year to Buy a House
Don’t wait to start your search for a dream home. Now is the best time of year to buy a house, perhaps the best time in history to buy. There is a suite of beautiful properties available on our site to meet your needs.
So go get a new home, something with a little room to grow in. The Jackson Team is dedicated to getting you the best deal on the best property in the Santa Fe area.