Whether your New Year’s resolution for 2019 has anything to do with purchasing a new house or not, don’t delay! To many house shoppers’ surprise, January is one of the best months to buy a house. Although it might not be pleasant traveling around touring houses on these cold, winter days, it is totally worth it! Keep reading to unveil three reasons why January is the best month to buy!
Buy now before home sale prices go up.
The number one reason to buy a house in January is the price! According to a report from NerdWallet, their data showed that home sale prices are 8.45% lower on average in January and February than in the summer months. Why you ask? Not many people are buying houses right now. In fact, houses on the market this January have probably been on the market for awhile. On average, homes that are for sale this time of year spend 100+ days on the market before closing whereas homes for sale in other months have averaged 70 days or less. Sellers are ready to make a deal! The longer a house is on the market, the lower the cost tends to be at closing. Why buy in January? This is the prime time for price-sensitive shoppers!
Buy now before competition increases.
Not only are the prices right in January, but the lack of competition is also a convenient factor. On average, there are half as many people buying in January than in June. What does that mean? You basically get to pick from the same amount of houses without the threat of other buyers swooping in and closing before you. There’s only about 20% fewer homes on the market in winter than in summer.
So far we have low prices and decreased competition. Buying a home in January is sounding like a sweet deal. Brave the cold and schedule some showings!
Buy now before mortgage rates rise.
Another reason now is the time to buy: Mortgages rates are likely lower than they will be all year. According to Zillow, the 30-year mortgage will only continue to rise throughout 2019. Zillow expects the 30-year mortgage to be around 5.8% by the end of the year.
It’s likely that this increase in mortgage rates will push people toward renting rather than buying, which makes this a great time to invest in rental property as well!
Have we convinced you? Our team really believes that now is the time to buy a house! If you’re ready to take the next steps toward purchasing your new home, contact us at Missouri Home, Farm, & Land Realty, LLC. We would love to help you find the home of your dreams for a price within your budget.
Give Missouri Home, Farm & Land Realty, LLC a call at 417-777-3300 or click here to send us a message on our website.