Why February is the best month to buy a home
February isn’t typically the favorite for home shoppers, who often economize after Christmas overspending and stay home in cold temps. However, recently published data from Attom Data Solutions shows that home buyers who sign offers this month sometimes get their new home for less.
After analyzing about 50 million home sales from 2000 through 2016, Attom found that February was the most affordable month to buy a home, hands down. Next were January (2nd), March (3rd) and April (4th), but the deals stop there. The report also shows that buyers pay higher prices during the summer months of June–August.
Best months to buy a home:
*Percent below the median, annualized sales price.
Source: ATTOM Data Solutions
Home buyers who are savvy enough to shop for a home between January–April benefit from less competition and lower prices. William E Brown, president of the NAR, said, “When sellers list in the winter, they know it’s slower, so they’re more motivated and willing to negotiate.”
Even with rising interest rates and low inventory in many metro markets, 2016 was a banner year for home sales. No matter what state your local housing market is currently in, now may be the best time for buyers to get into a home.