A Buyer’s Market is on Its Way

Here’s Why You Might Want to Buy a House This Winter

It seems like the days of the red-hot seller’s market are behind us.

Now, bidding wars are slowing, sellers are slashing prices, and home price growth is stagnating — particularly in some of the nation’s largest markets.

And as 2019 rounds out, it’s looking like a pretty great time to buy a house.

Winter 2019: The Best Time to Buy a House?

The proof is in the pudding, as they say, and recent headlines show the housing market is working in buyers’ favor.

Just take a look at some of the stats from the last few weeks:

• Mortgage rates currently sit below 4%, according to Freddie Mac. They’re down a full percentage point over the year and their lowest point in more than two years.
• Only 11% of buyers are coming up against a bidding war, as Redfin reports. That’s nearly an eight-year low and a 41% drop since last year.
• Home prices rose just 3.5% in September — a small uptick compared to the 5%-plus increases we saw last year. In some of the nation’s biggest cities, they’re seeing even smaller jumps (1.1% in Chicago, 1.2% in San Francisco, 3.5% in Las Vegas, and 2.5% in Houston).

There are also stats showing that the best days to buy a house are just around the corner. In fact, buying on December 26 could mean a whopping $2,500 in savings. December 1, 4, 7, 8, 21, and 29 also offer big price cuts, as does November 9.

Data aside, though, there are also major perks to buying a home around the holidays. Not only is there less competition, but you’ll likely have more leverage (sellers want to move before the New Year), and you might get a few tax breaks by finalizing the deal before Jan. 1.

There’s also the chance that due to slowing demand, you’ll enjoy more attentive agents, inspectors, and lenders and maybe even a more affordable rate on your movers. (And who couldn’t use a little more cash around the holidays?)

The Bottom Line

Are you thinking about buying a new home around the holidays? There can be serious perks to doing so. Get in touch with a SnapFi Mortgage Advisor to get prequalified and start your home search today.