Buying in February and March is actually one of the best times of the year to buy a house because you can save a lot more money.
The Florida area really doesn't suffer the cold snaps and wind chills of the rest of the country does, but we do have our up-and-down seasons. Winter actually tends to be one of our busiest seasons but many homeowners don't realize this when it comes to selling. They still wait until spring or summer to list their homes. The good news for buyers is that February and March are actually one of the best times to buy.
Research has shown that homes in February sell at a price per square foot that's usually 6% less than the rest of the year. There are even specific days in these months that can gain a profit of up to 12% higher.
So, what's the big deal about February and March? Well, homes sold in March tend to sell at a price per square foot of nearly 4% higher than the rest of the year. The best days and March are 4, 5, 6, 12, and 13. Prices are typically reduced by 9.6% - and 7.4%.
This goes to prove the real estate savings are seasonal. Sellers are motivated during this time of the year to get rid of their houses and not wait until spring or summer. Homeowners that need to sell usually do so for a job change, familial status change or other reasons that make it pertinent to sell immediately.
Seasonal factors do play a role but there are other reasons as well. This is a great time of year for buyer friendly deals. Interest rates have increased slightly and this is cost some potential buyers to jump off the fence and get into the market. The uncertainty about the future of real estate may also make buyers a little bit more antsy, and there are also more distressed properties earlier in the year, saving money for many buyers looking for distressed property, short sale or foreclosure.
This is a strong seller's market and buyers need every advantage that they can find. Buying what a lot of other buyers are off the market can really help get a good deal and a great house. If buyers are willing to consider distressed properties they could even save more money.
But you also might be thinking, "if I wait until spring or summer won't there be more options?" Yes, there will be a lot more options but again, were in the Southwest Florida region where we don't have to worry about snow or colder seasons and it's a beautiful time of year. You might have more options come spring or summer but your prices will also increase. If you're looking for a home, there are hundreds to choose from on the market right here in Palm Beach County that might fit your budget and your lifestyle. Why wait until spring or summer to pay 10% more?
Let's get started right now. Contact me today with your search criteria and budget and let's find a home that works for you saving you time and money today.