We all tend to think of spring and summer as the best times of year to buy a home - and traditionally, they are the most popular seasons. While there are advantages to buying during those busy times of year (mainly the amount of available inventory on the market), there are lots of great, sometimes overlooked, reasons to buy during fall and winter as well. Let's dive in and learn more about them!
1. Less competition. The majority of buyers with kids in the school system have already purchased and moved into their new homes by this time of year. Also, not everyone is willing to trudge through the rain to view homes! This decreases the amount of buyers out there looking, and opens up the market for you to be more selective in your search to find a great home.
2. Price reductions. Homes that have been listed since spring or summer of this year have started to go "stale." We usually see lots of price reductions as sellers become more motivated and we get closer to the holidays and the depths of winter - traditionally home prices dip from September through February. And even if a price hasn't been reduced, often a seller will be open to entertaining a lower offer if their home has been lingering on the market.
3. Necessity. Sellers who put their homes on the market during fall and winter are usually doing so because they need to - perhaps they've received a job transfer or have to move because of family obligations. Necessity creates motivation, which can create an environment for buyers to purchase a great home quickly and at a fair price - it gives buyers the advantage when negotiating the purchase price and terms of the sale.
4. Bye bye, bidding wars. At this time of year with less buyer competition, you are much less likely to find yourself in a bidding war situation (which can be extremely stressful and frustrating). If yours is the only offer on the table, you have more room for negotiation and more leeway to ask for things such as repairs or for closing costs to be paid by the seller.
5. You can see the home's true colors. It's easy for a home to look gorgeous in the brilliant sunlight of summer with flowers blooming everywhere. Throw in some wind storms, drizzling rain, lots of leaves, or some snow, and you might be seeing a very different picture! These circumstances, while not super fun to house hunt in, allow you to assess the true condition of the home. Are the windows drafty? Does the roof leak? Will the driveway be a nightmare to navigate during a snowstorm? Fall and winter conditions allow you to gain some valuable insight into the state of the home on its worst day.
6. Faster processing. Often, mortgage brokers and others involved in the home buying process are less busy during this time of year (inspectors, appraisers, and movers), so there tend to be fewer delays in the closing process.
I hope I've shown you that fall and winter really can be great times to buy a home, so let's put on our rain boots and go house hunting!
Always remember, I am here for you! If you have questions or need help with anything, I am just a phone call, text, or email away.