The holidays can be great for many things, but selling homes ain’t one of them! Which is why it was welcome news to read that January is the best time to buy a home. Data from the Federal Reserve, Census Bureau and Zillow was compiled and analyzed by FitSmallBusiness.com to determine the ideal month for homeowners to consider a purchase, and January came in first due to the holiday slump.
FitSmallBusiness notes homes tended to stay on the market for an average of 104 days before closing, giving buyers more leverage to negotiate. The median sales price for homes sold in January also averaged $254,914, the lowest price of the year. Compare this to June closings, which average a final price tag of $307,571 and it’s clear there’s a deal to be had if you buy early!
While we always like to complete loans with strong dollar amounts, neither you nor your clients should overlook the incentives associated with buying in January. This data also proves there are always deals to be had – something price-conscious shoppers will appreciate. Don’t forget to mention this little holiday gift when you’re making the networking and party rounds this season.