Scoop on Savings – When is the best time to buy home?
EL PASO, Texas —
Realtor.com says 50 percent of homes are sold in the summer, but when is the optimum time to buy a home?
According to Time Magazine, you can snag the best deals in the winter.
Lawrence Yun, the chief economist for The National Association of Realtors, said closings in January tend to show a dip in prices. That means buyers who made offers in November and December, got the best deals.
For example, in the summer of 2014, the median home prices climbed past $220,000, only to drop below $200,000 by January of 2015.
I verified this with local realtor Christina Torres, who said El Paso differs from the national market.
The pricing trend by the Greater El Paso Association of Realtors, shows January and February with the lowest average prices of homes, where-as the national trends say November and December.
So if you’re in the market to buy a new home, keep this info in mind. It could save you a few thousand when purchasing your new house.