We’re often asked by clients “When is the best time to buy a home in Austin?” How you answer this question should take into account your personal and financial situation. But, for the purposes of this post, we’re going to assume there is nothing in your personal life that will impede your choice to buy a property.
Best Time of Year: Winter
For buyers, the best time to buy a home is going into the winter months and during the Holidays. Now is the time when most people who have been looking take a break to enjoy the Holidays with their families. We often hear buyers who haven’t started their search saying they’re going to wait until spring. If you want to find a good deal, buying a home during the slow months is your best chance, so you have plenty of options to choose from.
Why the Winter Months During the Holidays?
Why is winter the best time? The simple answer is less competition. The fewer people you have competing for homes, the less chance you’ll have for a bidding war. This means, you’ll likely be able to pay less for a home than you would during the busy spring season. If you look at past sales data you’ll often see homes bought in December sold for less than similar homes bought in March and April of the following year.
Winter 2023 is Shaping Up to Be See the Best Deals We’ve Seen in Years
Why? Because sellers in 2023 are motivated. They know it’s no longer 2021 where homes sold in a matter of minutes with multiple offers over asking. Sellers who are listing their homes now are doing it because they want to move on to their next stage in life. They have a driving reason to sell other than they just want to take advantage of the market if they get a windfall. This means they are making better deals with buyers to close the sale. We are seeing concessions we haven’t seen in years. Thousands of dollars in closing costs paid, extensive repairs, upgrade credits, no free leasebacks, taking far less than list price, accommodating the buyers timeline to close and lower deposits. Yes interest rates are higher, so you’ll need to factor that into your budget. But, interest rates are literally the only thing working against a buyer right now. All other market forces favor a buyer. It’s been nearly a decade since we’ve seen this market climate and buyers who recognize it will be able to take advantage of the great deals, especially this winter while everyone else is focusing on the holidays.
Considering Buying a Home in Austin this Winter?
Did you know using a Realtor to help you buy a home in Austin costs you nothing? That’s right! Our commission is paid by the listing company (company whose sign is in the yard). If you’re looking for an agent who will point out potential resale difficulties, negotiate hard on your behalf and help you navigate the complicated process, check out our Austin Home Buyer Representation Program. Then call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation. We’ll help you analyze your situation and help you determine if now is the best time for you to buy a home in Austin.