If you’re in the market for a starter home, you may want to begin your search ASAP!
Although many people begin looking for homes in the spring, the experts at Trulia say anyone searching for a starter home should ignore the conventional wisdom.
Here’s why: Inventory for starter homes peaks in October and rises 7% in the fall months, compared to the spring.
Right now is the best time to buy a starter home
According to Trulia, the strongest season for starter homes in 70 of the top 100 housing markets is between October and December, meaning there are more homes to choose from.
The increased inventory leads to listing prices that are 4.8% lower in the winter than in the summer.
“Starter homebuyers should begin looking now. The fall season provides a great opportunity for finding the right home and neighborhood thanks to a bump in homes for sale on the market, followed by lower winter prices,” said Trulia senior economist Cheryl Young.
Many people are choosing to continue renting instead of buying because this year’s low inventory has led to home prices that first-time buyers simply can’t afford.
Trulia says starter homebuyers need to shell out 39.7% of their monthly income to buy a typical starter home.
If house hunting is new to you, read Clark’s first-time homebuyers guide for some key pointers as you shop for your first home and apply for a mortgage.