Not many Christmas presents could beat the gift of a great home deal- whether for yourself, a loved one, or your family. Not only would this be an unforgettable present at this time of year, December is the time to find a great home deal. According to Lawrence Yun, the chief economist of the National Association of Realtors, in his most recent column for Forbes, buying a home in December also sets you up to get the best deal because closings in January have the best discount for homebuyers. The Case-Shiller Index says that homes drop 0.51 percent in January from their peak price for the year which occurs in August or September. In other words, for the average home that costs around $220,000, homebuyers could save about $1,122. Think about the way that extra money could be used!
“The seasonal decline is not all price depreciation of homes” in winter, Yun notes. “A good portion of movement is driven by a higher proportion of lower priced and smaller-sized homes getting sold during the winter months. The reason for this is that families with school-aged kids are generally not in the market during the winter because they do not want their kids to be disrupted during a school year, and it is the families with kids that generally require the larger homes that carry higher prices.”
If you are trying to enter the market, wintertime and especially now might be the prime time do so.
“Real estate professionals know this to be true in everyday business since there are far fewer buyers shopping over the holidays; as a result, listed homes stay on the market for a longer period. In short, there is a discount to be had for the few buyers purchasing over the holidays,” says Yun.
Apparently, not many people are going to find new house keys under their tree on Christmas- but you could as the smarter home shopper with the gift of a great home deal. Check out all of the homes ready for you in Miami and contact a RE/MAX Paradise agent today!