The year has just started; however, don't buy in haste like everyone else. With enough patience (and guidance from your trusted real estate agent), you might land a better deal.

Traditionally, the most popular seasons to purchase a home are spring and summer. The school year is ending, the weather is pleasant, and inventory is high. However, there is more competition and a larger price tag for shoppers during this busy buying season. Purchasing a property now offers several advantages to those prepared to withstand the winter months.

Although there is typically less inventory for winter homebuyers, buyers benefit from less competition. According to studies, January is usually the month with the lowest housing prices of the year.

That said, January is the ideal month to purchase a home for several reasons, including the likelihood of an increase in mortgage rates shortly.

Why Buy A Home This January?

Prices Might Continuously Increase

When compared to the summer buying season, January home prices usually decline. According to statistics, the average price of a property sold in January and February was 8.45% less than that of a home sold in June through August.

Due to low inventory levels, home prices are probably going to rise much more than they usually do in the spring.

Reduced Competition

Because of the inventory-to-sales ratio, the number of available properties, and the level of competition, January is still a good time to buy.

With about the same quantity of market inventory, you essentially face nearly half of the competition. This could result in fewer properties up for bid and more space for haggling with sellers.

Additionally, the gap between listing and sale prices is typically greater during off-peak times for house purchases. For buyers, this may offer undiscovered savings.

Mortgage Rates Are Anticipated To Increase

Economists predict more rate hikes when they hit historic lows, meaning future homeowners will pay more each month.

January is a great time to place your bid because mortgage rates are probably the lowest of the year, prices are lower, and there is less competition.

If you're looking for homes in Indiana with the best rates, our team at RE/MAX Advanced Realty is here to help!