It goes against convention, but the month of December is an excellent time to buy a home. Why? There are far fewer buyers to compete with in the wintertime, and sellers tend to be more motivated during the holiday season. This means the deals are better in December and January. If you're looking to get a fair deal on a nice home or condo, the winter season is an excellent time to buy. Of course every situation is different. Feel free to contact us to discuss your individual situation.
Here are more specifics on why right now is an excellent time to buy in Madison and the surrounding Dane County area.
Buyers Have Less Competition in December
It's much easier to get an offer accepted in December because there are fewer competing buyers. The MLS data below makes this abundantly clear. In the last year there were 160% more offers accepted in April than there were in the preceding December.
Another way to look at buyer competition is to look at the percent of listings that are under contract by month. As the data below shows, a low percentage of December listings receive an accepted offer. For every December listing that receives an accepted offer, there are 3 other listings that do not.
Sellers are More Motivated in December
A relatively high percentage of listings expire in the months of November, December, and January. Because it's harder to sell during these months, many sellers become very motivated during the holiday season.
Affordability is Better in December
Because the law of supply and demand favors buyers in the winter, affordability is better. Prices increase in the Spring and Summer when more buyers are out in the market.
Do you have questions about buying a home or condo in the Madison, Wisconsin area? Contact us with your questions. We're here to help.
