Let’s face it — buying a home can feel like a challenge with today’s mortgage rates. You might even be thinking, “Should I just wait until spring when more homes hit the market and rates might be lower?”
But here’s the thing, no one knows for sure where mortgage rates will go from here, and waiting could mean facing more competition, higher prices, and a lot more stress. Buy a home now!
What if buying a home now — before the spring rush — might actually give you the upper hand? Here are three reasons why that just might be the case.
1. Less Competition from Other Buyers
The winter months tend to be quieter in the real estate market. Fewer people are actively looking for homes, which means you’ll likely face less competition when you make an offer. This makes the process feel less rushed and less stressful. When buying a home in the winter months the prices tend to dip a a small %.
According to the National Association of Realtors (NAR), homes sit on the market longer in winter compared to spring and summer (see graph below) which is why it is a great time to buy a home now:
Fewer buyers in the market means you’ll likely have more time to make thoughtful decisions. It also means you may have more negotiating power. According to the Alabama Association of Realtors:
“A significant benefit of buying a home in winter is the reduced competition. Because of the perceived benefits of spring, many buyers delay the start of their house hunt. As a result, you will find fewer people competing for the same properties during winter. Less demand can translate into more negotiating power as sellers may be more willing to entertain offers or agree to concessions to get a deal closed quickly.”
2. More Negotiating Power
With homes staying on the market longer, sellers may be more willing to negotiate. This can lead to better deals for you as a buyer, whether that means a lower price or added incentives, like sellers covering closing costs or making repairs. As Chen Zhao, an Economist at Redfin, points out:
“. . . buying during the off season means less competition from other buyers. That means potentially negotiating a better deal.”
Plus, when demand is lower, sellers often feel more pressure to work with serious buyers. This could give you an edge to negotiate terms that work best for your situation.
3. Lock in Today’s Prices Before They Rise
Historically, home prices tend to be at their lowest point in the winter months, too. According to data from NAR, home prices last year were at their lowest in January, February, and March — right before the spring buying season kicked in (see graph below):
This trend isn’t new — Bright MLS shows between 2010 and 2024, home prices in January and February were, on average, 15% lower than during the month of peak home prices (typically June). Buying in the off-season means you’re more likely to avoid paying the premium prices that come with the high demand of spring.
On top of that, home prices generally appreciate over time, meaning they tend to go up year after year. That means if you’re ready to buy and you can make it happen, you’re not only taking advantage of what might be the lowest prices of the year, but you’re also locking in today’s price before it increases in the future.
Bottom Line
While spring may seem like the obvious time to buy, moving before the peak season can give you significant advantages, like less competition, more negotiation power, and lower prices.
If you’re ready to explore your options, let’s connect.
Courteous of Keeping Current Matters
RE/MAX Achievers sold over $1 Billion Dollars in real estate since 2019! RE/MAX was voted 2024’s number one real estate brand. RE/MAX Achievers Broker/Owner, John E. Ohler has stated he “is so proud of our accomplishments thanks to the surrounding communities. RE/MAX is a household name!” RE/MAX Achievers was awarded the 2022 RE/MAX President Club Award and the 2022, 2021, 2020, 2019, 2018 RE/MAX Achievement of Excellence Award! RE/MAX was voted the 2024, 2023, 2022, 2019 MOST Trusted Real Estate brand and agents. RE/MAX Achievers offers real estate services in 5 counties: Montgomery, Chester, Berks, Bucks and Philadelphia counties.
Call our agents or find us on Facebook and Instagram at “REMAXAchieversAgentsinPA”, two offices located in Collegeville 610-489-5900 or Pottstown 610-326-1200. Call us and see why our realtors are award-winning sales agents and let us help you buy a home today.
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