So, The Best Time to Score a Deal on a Home is...Right Now!
(6 months ago)
NEW YORK: The housing market has rebounded in a big way, and continues climbing to new heights. In fact, key indicators point toward steady growth for years to come.
The question is: Should you buy now, or wait several months to purchase your home? The answer: Run, don't walk - the time to score the best deal is now, heading into December and January.
The data can be found here.
In order to help potential buyers make these critical decisions, Fit Small Business, an online publication serving small business owners, compiled publicly-available data from influential sources such as the Federal Reserve, Census Bureau and Zillow - to name a few - and thoroughly analyzed it to determine the most and least favorable times to score the best deal on a home.
Beyond certain obvious factors, though, the publication evaluated, examined, and ultimately determined other key criteria that buyers should consider when timing their purchase - such as number of homes on the market, and percentage of listings available per month.
While now is the time to get the best price, the Fit Small Business rankings reveal that the best time during the year to buy a home is toward the end of the summer through early fall. These are the months when plenty of options are available, and buyers have better chances of striking an overall good deal. On the other hand, June is the worst time to shop for a home. Although listings are plentiful compared to spring months, prices are off the charts, and competition is significantly higher.
"We've given buyers a diverse set of criteria - and while some of the stats may seem obvious at face value, we've provided other helpful data that people should take into consideration if they want to grab their dream home for a good price," says Priyanka Prakash, Managing Editor for Fit Small Business.
Priyanka goes on to explain: "We have a chart that includes a set of rankings that might make more sense for buyers. May turned out to be a great time for inventory as the total rises to 2.16 million homes in that month. On the other hand, total inventory in December drops to 1.78 million - so while you might score a great price in December, buyers will have a smaller selection to find the home of their dreams."
Best Month to Buy a Home:
Worst Time to Buy a Home:
Factors Other Than Price:
Percentage above listing price
Median sales price by month
Median days on the market
Percentage of new listings per month
Total home inventory per month