The right time for a great deal
Have you made a resolution to buy a new home this year? There's no need to wait for the spring and summer home buying seasons. In fact, January and February might be the best time to find the lowest price on a home you like, which may be especially helpful if you're a first‐time buyer.
Selling prices across all home categories — including starter homes — tend to take a noticeable dip from October to December.1 Prices will start to rise the closer we get to spring and summer. By next fall, prices are projected to be up by 4.7% over last September.2
Think of it this way: If you want great prices on holiday cards, buy them in January. You may not have the widest selection to choose from, but you'll get them at a significant discount.
That same principle often holds true in home buying. Whatever homes are on the market at this time of year are priced to sell, so now is the time to kick your search into high gear.
Tools and resources for your home search
The Bank of America Real Estate Center® can be a great resource as you begin house hunting. You can search for homes by city and state or ZIP code, find out the estimated value of a home and get helpful tips about the home buying process.
To help make purchasing a home even more affordable, you may want to check out the Bank of America Affordable Loan Solution® mortgage as well. This fixed‐rate loan option offers a competitive rate with a down payment as low as 3% for qualified modest‐income homebuyers.3
I'm also here to help with your home financing needs every step of the way, so please don't hesitate to contact me with any questions.
3Available for fixed‐rate purchase loans with terms of 25 or 30 years and on primary residences only. Certain property types are ineligible. Borrower(s) must not have an individual or joint ownership interest in any other residential property at time of closing. Maximum purchase loan‐to‐value is 97% and maximum combined purchase loan‐to‐value is 103%. For loan‐to‐values >95%, any secondary financing must be from an approved Community Second Program; ask for details. Homebuyer education may be required. Restrictions apply regarding co‐borrowers. Maximum income and loan amount limits apply.