Can you believe we’re already in 2020? While many buyers are gearing up for spring’s real estate frenzy, you might want to consider making a move before temperatures warm up. January is a fantastic time to buy in Port Liberte, and it also comes with some hidden advantages you might not know about.
If you’ve been perusing some listings during the last few weeks, you’ve probably noticed that prices are a bit lower than usual. No, you aren’t imagining things—January historically has some of the lowest home prices of the year, which means now is the best time to go out and make a deal.
In a national study, NerdWallet found that across all 50 states, home prices in January and February were up to 8.45% lower than in the summer months. That means a $500,000 home might go for around $458,000 during the winter—and that’s a pretty drastic difference!
Wondering what causes such a massive dip in prices? Real estate experts blame this shift on less competition and demand, which often forces sellers to list at lower prices. This is fantastic news for buyers, especially if you’re looking to get more bang for your buck.
A Thriving Market
It’s no secret that our economy is booming, but do you know how it effects the world of real estate? Last year was a record year for the housing market—we even saw interest rates dip far below 4%! If you’re on the fence about making a move, there’s still time to ride the coattails of 2019’s real estate success.
January’s mortgage rates are expected to hover around 3.75%, so if you’re looking to lock in a good deal, you won’t want to hesitate for much longer. Additionally, housing prices are only going to keep increasing as the year goes on. In fact, some experts are predicting up to a 6% increase by the end of 2020, which can lead to a five-digit price difference.
Have you heard rumors about a recession or price adjustment for 2020? Economists have been forecasting a downturn in the housing market for the last two years, but you shouldn’t let that deter you from buying. Don’t wait for any massive changes in the market—starting your search in January will also give you the same stability and security that buyers experienced in 2019.
In a market as competitive as Port Liberte, it’s not unusual to watch homes fly off the market within hours. If you’re looking to avoid a bidding war, you may want to consider moving sooner rather than later.
Although it might seem like there’s less to choose from in the winter, it’s not as true as you might think. Although there are 21% fewer homes for sale in winter than in summer, there’s also a whopping 47% drop in sales. This means you’ll compete against fewer buyers, so you can really take your time and find a property you’ll love.
Of course, less competition also comes with a variety of other benefits. You probably already know that real estate is all about supply and demand. When there are fewer buyers, sellers often have to cater to a more limited market. This means you’ll enjoy better prices and gain an upper hand at the negotiating table, which you won’t experience during any other time of the year!
Ready to Buy in Port Liberte?
If you’re thinking about making a move, January is the prime time to buy in Port Liberte. Our one-of-a-kind lifestyle will leave you in awe—and one visit is truly all it takes to fall in love. As always, feel free to reach out to me for all of your buying needs. I can’t wait to chat!