HUD Articles
Is January and February a good time to buy a house?
January 11, 2024
IIf you're in the market for a new home, you might wonder when it’s the best time to buy. After all, seasonal real estate patterns can affect factors like housing inventory and home prices, making certain times of the year better than others for homebuyers.
With less competition, you can potentially get a better deal. Therefore, the best time of the year to buy real estate is during the winter months – specifically late December, January, and early February. The rainier, snowier, and colder, the better!
While you might have more homes to choose from in the spring and summer, you'll also have more competition and will likely pay more. If you're OK with fewer options, you might get a better deal buying a home in November (the month with the best deals), October and December, or January and February.
Recent economic events have disrupted traditional seasonal trends. Home prices have soared since the pandemic and remain high in many real estate markets. And mortgage rates have shot up amid the Federal Reserve's rate-hiking campaign against inflation. The combination has parked many would-be buyers on the sidelines, waiting for prices and rates to level off.
Still, a recent report from real estate data company ATTOM suggests that seasonality still plays a role in scoring the best deals.
