I have always said that late winter and early spring are the best times to buy a house if you’re worried about prices.
Why? Very simple.
Regardless of the temperature of the market, you are still buying at last years prices. We never know what the market will be like until the Spring buying season begins. Once the market pops for the year, prices begin to go up. The past few years they really went up.
While I don’t see this year having the same crazy appreciation, there are enough signs that prices WILL go up:
- There will be fewer houses for sale since most people bought or refinanced when rates were very low. We are back to people moving because they need to instread of just wanting an upgrade.
- Rates are stabilizing and projected to go down a little more. Every time recently that rates have gotten to about 6%, buyer activity really picks up.
- Aaaaaaaaand the obvious is inflation is causing the prices of everything to go up!
By the time all the leaves are on the trees, anybody who plans on buying a house will be out there submitting their highest and best offer. Your best chance to get the lowest price for the year is to get out there now. The house you can buy today WILL be worth more by the end of 2023.