You might be tempted to hit pause on your home search this winter, but that could actually work against you. While most people assume spring is the best time to buy a house in the Triangle area, new research shows January might be the ideal month for buyers who want to stretch their budget further. It might sound surprising, but here’s why this winter month may be the perfect time to buy a home.
1. Prices Tend To Be Lower This Time of Year
According to LendingTree, January is the most affordable time to buy. That’s backed by years of market data showing this month consistently offers some of the lowest price-per-square-foot figures all year. When spring rolls around, demand typically spikes, and so do prices. It’s not just a theory; it’s a long-standing pattern in real estate.
So what kind of savings are we talking about? The latest full year of data shows that buyers who closed on a 1,500-square-foot home in January spent about $23,000 less than those who purchased in May. That’s a big deal. (See chart below.)
Of course, the exact savings depend on the home’s size, location, and price, but the trend is clear. If affordability is a concern, January could give you the edge you’ve been waiting for.
2. Fewer Buyers and More Motivated Sellers
Winter tends to be slower in the housing market. Fewer people are out shopping for homes, and sellers often wait until spring to list. That gives winter buyers several big advantages:
- Less competition
- Fewer chances of multiple offers
- More flexibility when negotiating with sellers
With fewer buyers in the market, you can take your time browsing.
Not only are there fewer buyers, but sellers listing in the colder months often need to move quickly. That can lead to extra perks for buyers willing to act now. As Realtor.com puts it:
Less competition means fewer bidding wars and more power to negotiate the extras that add up: closing cost credits, home warranties, even repair concessions. . . these concessions can end up knocking thousands of dollars off the price of a home.”
These negotiations might lead to reduced prices, help with closing costs, and better terms overall.
Should You Wait for Spring?
Here’s what to keep in mind: once the spring market heats up, competition rises and prices often follow. Buying now could save you money and help you avoid the stress of a crowded market.
Waiting might mean paying more and facing tighter deadlines or bidding wars. January gives you a little breathing room and potentially a better deal.
Only you can decide the best timing for your move. But it’s worth exploring whether now is the right moment instead of waiting for warmer days.
Timing Matters When You Buy a Home
If you’ve been thinking about when to buy a home in the Triangle area, January may offer more advantages than you expected.
Curious what buying a home in January could look like for you? Contact Linda Craft Team Realtors to review the numbers together and take a look at what’s currently available in the Triangle area market.