January is the best time to buy a home in Miami, report says
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January is the best time to buy a house in South Florida, according to a new report from Realtor.com.
What they found: The report says Jan. 7-13 is the sweet spot for homebuyers in the Miami metro area.
🧐 Researchers estimate that during this period...
- Active listings during will be up 7.5% versus the average.
- Homes will be on the market 19 days longer than during the peak season.
- The median list price will be down about 10% compared to the peak.
📆 The big picture: Historically, the first week of October has been a good time to buy a house in the U.S.
- After reaching a peak in spring and summer, the pace slows, demand wanes, but inventory hasn't yet hit its holiday slump.
What we're hearing: By fall, sellers are desperate to close before the holidays, which opens the door for better deals, Denver-area agent Kelly Moye tells Axios.
- In August, one in five for-sale homes in the U.S. reduced its listing price, per Redfin data.
Yes, but: Mortgage rates are once again a wild card. Experts predict lower rates could bring buyers off the sidelines, which could drive home prices even higher if inventory doesn't improve.
Go deeper: How to brace your budget for home buying