Winter is usually the cheapest time of year to buy a home. Salespeople are often motivated, which automatically translates into an advantage for you. Most people suspend their ads from Thanksgiving to the New Year because they assume that shoppers are scarce. What is the best month to buy a home at the best price? While it's hard to say with certainty, January and February are the most likely to offer you the lowest prices in your market.
Our analysis of the past five years confirms that the overall real estate market is warming with the climate. Across the country, home sales prices are generally lower in January and higher in June, but there is some variation in the 50 largest metropolitan areas. And in Phoenix, prices rise gradually through December, while inventory peaks in February, when most other markets are at their lowest. Read on to learn what time of year will give you the most options and the biggest savings when buying a home in New York.
Depending on where they're looking for a home, buyers may find a sweet spot: a period of the year when average prices start to fall, but there are still plenty of homes to choose from. In addition to sales prices, the supply of homes for sale, or inventory, is usually lower in the winter months among more populated areas. As of early fall, inventory is still plentiful, but the market has cooled down enough to negotiate a good price. The right agent can help you find the home that best fits your budget and priorities, and negotiate a winning offer so you don't miss out on your dream home.
After being locked up for the winter, people are ready to visit open days and rent moving trucks, and the houses don't stay on the market for long. While it may not be ideal to move in cold temperatures, the best time to get a good deal in New York starts in September, when 12.5% of active ads receive a price reduction and sellers are more flexible and quick to negotiate deals. In addition, there is a lack of competition during this time from other buyers with families who are focused on getting children settled in school. Then, after New York City opened its doors, inventory flooded the market in the summer, one of the slowest times for sales, when the city's wealthy buyers were already quarantined in their second homes.
Winter is probably the best time of year to buy a home if your primary consideration is price, but buyers looking for options will find the widest selection of properties during the spring. So you're not wandering around looking for your pearl in a sea of unsaleable or overvalued floating debris.