With the Christmas wrapping cleaned up from under the tree, and the presents put away, our thoughts move toward the possibilities of a New Year. For people who hope 2022 brings them a new home, what if I told you that it might actually be a smart money move to buy a new home in January.
Here are four reasons that might have you rethinking your strategy for finding your dream home.
LESS COMPETITION:
People just blew through their cash for Christmas, so the idea of spending a lot of money immediately following the Holiday season sounds like a bad idea to many people. Even people who want to get into the market have a ‘let’s get back to work first and think about it later attitude. That’s good news for you. Fewer buyers mean less competition. And in the Charlotte market where demand is high and inventory is low, that could mean you won’t find yourself in the middle of a bidding war.
THE WEATHER:
Some people just aren’t fans of the colder weather. It makes them want to stay inside and not venture out. Again, that means fewer people out looking at homes. But the colder weather also has another advantage. The icy rain, blustery winds, and occasional snow are more severe on homes than the mild weather we see in the Spring. So it’s actually an excellent time to see how a home holds up to the harsh winds of winter. Do you notice any drafts when you walk through the house? The windows might need new seals. Do some rooms feel warm and others cool? It could be a sign of a heating problem.
BARGAIN PRICES:
I don’t mean clearance kind of bargains, but many of the homes already on the market in January have been on the market longer than others. You might find buyers willing to budge on the sale price more than usual. Sellers are often more willing to lower their price expectations the more days a home is on the market.
MORTGAGE RATES:
Right now, mortgage rates are still LOW, but most analysts predict 2022 will see a slow and steady rise in rates. Buying before that hike begins means extra cash in your pocket and lower payments. Some estimates suggest that mortgage prices could be up $150-$200 a month by the end of 2022.
Owning a home is more than an investment, it’s a big decision and I’m happy to talk you through it. If you have dreams of a new home in the New Year, give me a call whenever you decide to jump into the market.