When to buy a home depends primarily on an individual buyer’s timeline. When the down payment is saved, when you get a new job, when that perfect house comes onto the market, etc. However, there are times when buyers have other advantages and reasons to get a jump on the market. February is not just the month of Valentine’s love, but it’s also a great month to fall in love with a new home.
1. You’re out of the holiday fog
The holidays are a crazy time. Once everyone’s done with Christmas and the New Year, it’s back to business. That means more homes on the market (more choices for you) and sellers are more realistic and discerning with prices.
It’s not uncommon for the New Year to light of fire under some real estate butts and get sellers motivated. In fact, inventory historically spikes up in February because sellers who have been holding out the have a comfortable holiday at home are now ready to get on the market.
Check out these New Year’s Resolutions for homebuyers to help kick-start your good habits. With the right goals and mindset, nothing can stop you from getting into a perfect home this year.
2. Get a jump on the spring madness
Spring is the busiest time in real estate. Buyers and sellers alike want to get their home lives sorted out over the summer so that come fall, their families are settled in. Every year without fail, we see a huge spike in homes for sale and a steady increase in sold properties in June and July.
But when you look closely at buying and selling trends, you’ll also see that February is when inventory and sales start their upward progression. The market is just starting to thaw out from winter but it’s not hot and heavy yet, crowded with competition like the late spring and summer. It’s this slight change that is a sweet spot for the buyer.
If you buy in February then you get in and out before the market is flooded with competition. In fact, it’s best to start searching homes for sale right now so you’re ready to purchase sooner.
3. This February is prime for buyers
The economy is continuing to improve with low unemployment and rising wages. Homebuyers are getting the advantage this year thanks to low mortgage rates, and the fact that FHA, Fannie Mae, Freddie Mac are all now backing larger loans. If you’ve been waiting, now’s your chance to break into the Southern California real estate market.
You have a lot to think about before buying, consider chatting with a real estate agent to get your thoughts, goals, and ideas in order. You can find a First Team agent online or contact us and we’ll find an agent near you to help you create a real estate plan.
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