While spring and early summer are often prime homebuying months, they’re not the best time to buy if you want a good deal.
Many people prefer to move during spring and early summer because the holiday season is over, and the weather is mild. Due to the disorganization of moving and the stress of changing districts, some households also move at this time to avoid doing it during the school year. These factors all contribute to one thing: increased homebuying competition. That’s why statistically, home prices are higher in the summer.
Our thoughts? If you’ve been thinking about buying a home, now is a great time. Here’s why:
1. Less competition
The late fall and winter months are colder, even in Las Vegas. That makes trips with heavy boxes out of your old place and into your new place less fun. This time of year is also full of travel and holiday plans for many—in addition to the school calendar—which means house hunting gets put on the back burner.
The result is decreased homebuying competition in winter, and decreased competition comes with many buyer benefits. Houses tend to sit on the market longer, giving you more time to consider each option before offering. And since there are fewer buyers in the market, you have more homes to choose from and generally, fewer bidding wars to fight.
Of course, the primary benefit of decreased homebuyer competition is lower home prices.
2. Lower home prices
Most sellers want their homes to sell quickly. That means when houses linger on the market, prices start to drop. Just last month, about 45% of homes on the Las Vegas market experienced a price reduction. For fall and winter buyers, that’s great news. With inflation and interest rates pushing affordability out of reach for many, price cuts can mean the difference between buying a home and not buying one.
3. Lower moving costs
If cost is your main concern during the home buying process, lower moving costs are another reason to consider buying in the colder part of the year. Approximately 80% of moves happen in the summer months, so in the off-season, movers tend to have more availability and lower prices. How much lower? According to Angi, you can find deals for 20-30% less than you’d pay otherwise.
Ready for your winter move?
We are too. If you want to take advantage of price cuts and snag your dream home with less competition, get in touch. Our team of expert real estate agents is Las Vegas born and raised, and we’re standing by to help you find exactly what you’re looking for. To start your winter house hunt with the Joe Taylor Group, fill out the form below.
When you're ready to get the ball rolling, we're here. Give us a call today at (702)-903-2144 to get started.