Okay folks, the holidays are now officially behind us.
As the world "gets back to work", another thing people get back to is their search for a home. This activity tends to increase as we approach the spring months. First, we expect to see some home sellers re-entering the market in hopes of an increase in activity. While there will be an increase in the number of buyers over the previous months, I believe the number of new and returning sellers on the market will probably exceed the number of new buyers. For the buyers out there, this early part of the spring market is going to be a prime buying time - we have an increasing number of homes on the market, giving you the greatest selection, and if you start now before things really get into full swing on the buying end, you'll have the minimum amount of competition.
When is the best time to buy? Well, it was probably over the holidays, when desperate sellers knew it would be a long time before buyer activity picked up. However, now probably ranks as a close second to that - spring is still a little ways away, and uncertainty about the market reigns supreme. I think the way to go here is to identify a property in the next couple weeks, and open escrow, but have that escrow close some time after the end of January (because the Fed meets again at the end of this month). That will leave you positioned to take advantage of any interest rate drops, should there be any, while at the same time having secured a property for your desired price with the least competition from other buyers.
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