Want a Deal? Buy a House in the Winter
If you have kids and are contemplating a move to a larger home, you might be planning to do it next summer. That way, you’ll not have any interruptions before classes start. In exchange for that convenience, you’ll pay much more on average than if you bought a house in the fall or the winter. While Spring and Summer may be the busiest time of year to buy a house, winter is the cheapest according tot a new study by Nerd Wallet.
Many home buyers prefer to move in the summer, but waiting can be worth it from a purely financial point of view. If your circumstances give you the freedom to be able to choose the best time to look to sign a contract on a new home, there’s no question that the market dynamics favor you the most to do that in the dead of winter, ideally in January or February, right before the activity starts to heat up.
To determine the most affordable time to buy, Nerd Wallet analyzed the past two years’ worth of listings and sales in the 50 most populous U.S. metro areas using data from public listing sites. It was found that home sale prices — the amount a buyer actually pays — in the nation’s largest metro areas typically peak during the summer, dip in the fall and are lowest in winter, potentially saving off-peak buyers thousands of dollars.
Analyzing closed sales data in the 50 most populous U.S. metro areas, Nerd Wallet found that buyers pay a premium for warm weather sales. Home prices peak during the summer as families plan moves outside the kid’s school year. That convenience comes at a cost.
Waiting to purchase in January or February can save you more than 8% off the list price, according to the report. January showed the lowest prices in 29 of the 50 metro areas. February had the cheapest prices in 19 metro areas.
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