The housing market slows down in winter. Shorter days, harsh weather, and the holidays tend to keep home buyers and sellers on the sidelines, waiting for spring. But while spring is the best time to sell a home, it may not be the right time to buy. In fact, according to one recent analysis, waiting for spring could be the wrong move for hopeful home shoppers. Why? Because January may be the year’s best time to buy. The analysis shows home buyers who purchase a home in January save an average of $23,000 on a 1,500-square-foot house compared to buyers who buy in May – when the market is hottest. By price per square foot, the median home price in May last year was $194.20. In January, it was 178.60. In other words, buying in winter can save buyers money. But while buyers will definitely get a better deal in the dead of winter, finding the right home may be more difficult. Fewer homes on the market means fewer choices and that can prove challenging, regardless of price. (source)
