Are you thinking about buying a home?
Most people buy homes in the spring or summer. The weather is nice, you can move in between school years, and the market is typically flooded with new listings. However, if you’re interested in saving money both short-term and long-term, it may not be a bad idea to start looking now.
Here are four reasons why you should consider buying a home in the off-season:
1. Less competition from other buyers
While there are generally fewer homes on the market in the off-season, you can relax a bit and carefully consider all of your options without fearing that someone else will make an offer first or that you'll be in a dreaded bidding war. This can not only help you save money by avoiding a multiple offer situation, but also by carefully considering your options you can make a better decision rather than a rushed emotional one.
2. More negotiating
People who have had their house on the market since the spring or summer without an offer are going to start getting antsy – meaning they’re more likely to compromise on the price, or the terms of the contract. If you want to include any of the "negotiable" items like a patio set, appliance, or light fixture that you fell in love with when you saw the home, the seller's may be more agreeable in winter and happy to get an offer, because they know fewer buyers are looking this time of year.
3. Quicker Closing
Eager to move into your house after making an offer? It's the quiet season for everyone involved including the realtors, inspectors, appraisers, lenders, attorneys, etc. and scheduling & processing all of the items required to close on your home should be faster. Regardless, you still want to stay in regular communication with your lender to keep everything on track. Choosing a Realtor (like me) who will coordinate all of the inspections, deadlines & transactions and keep you informed is a smart idea too.
4. Fewer Immediate Maintenance Costs
If you buy a house in the spring or summer, you’re going to have to worry about mowing the lawn, raking/blowing leaves, trimming trees/bushes, and cleaning the gutters shortly after buying the house. Most homeowners are not eager to do these things immediately after dropping a 20% down payment and closing costs. If you buy in the winter, the only thing you’ll need to worry about right away is shoveling. You’ll also have plenty of time to think about starting a vegetable garden, which should be planted between late April and early June.
Most people buy homes in the spring or summer. The weather is nice, you can move in between school years, and the market is typically flooded with new listings. However, if you’re interested in saving money both short-term and long-term, it may not be a bad idea to start looking now.
Here are four reasons why you should consider buying a home in the off-season:
1. Less competition from other buyers
While there are generally fewer homes on the market in the off-season, you can relax a bit and carefully consider all of your options without fearing that someone else will make an offer first or that you'll be in a dreaded bidding war. This can not only help you save money by avoiding a multiple offer situation, but also by carefully considering your options you can make a better decision rather than a rushed emotional one.
2. More negotiating
People who have had their house on the market since the spring or summer without an offer are going to start getting antsy – meaning they’re more likely to compromise on the price, or the terms of the contract. If you want to include any of the "negotiable" items like a patio set, appliance, or light fixture that you fell in love with when you saw the home, the seller's may be more agreeable in winter and happy to get an offer, because they know fewer buyers are looking this time of year.
3. Quicker Closing
Eager to move into your house after making an offer? It's the quiet season for everyone involved including the realtors, inspectors, appraisers, lenders, attorneys, etc. and scheduling & processing all of the items required to close on your home should be faster. Regardless, you still want to stay in regular communication with your lender to keep everything on track. Choosing a Realtor (like me) who will coordinate all of the inspections, deadlines & transactions and keep you informed is a smart idea too.
4. Fewer Immediate Maintenance Costs
If you buy a house in the spring or summer, you’re going to have to worry about mowing the lawn, raking/blowing leaves, trimming trees/bushes, and cleaning the gutters shortly after buying the house. Most homeowners are not eager to do these things immediately after dropping a 20% down payment and closing costs. If you buy in the winter, the only thing you’ll need to worry about right away is shoveling. You’ll also have plenty of time to think about starting a vegetable garden, which should be planted between late April and early June.
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