5 reasons to buy a home in the offseason.
It's cheaper, and sellers are serious
BY MIKE PULLEY - Inman News
Buying a home in the fall or winter can be a thrifty move for homebuyers because it’s cheaper, sellers are ready, there are fewer choices, the buyer becomes the star.
Spring and summer may be the prime time to purchase real estate, but if your clients are looking for a better deal, they might want to look into buying their future home during the offseason.
Although there may be more choices available from May through August, it is often wise to wait until fall approaches to take action.
Here are five smart reasons buying a house during the fall and winter seasons can be a great move for a savvy homebuyer:
There’s typically less competition during the offseason, which means buyers can get more bang for their buck.
About 40 percent of homes on average are sold in May, June, July and August, according to The Housing Wire.
Research from Zillow shows that those who buy a home during the peak selling point usually pay an average premium of $1,500, but those who purchase homes in, say, December paid $3,100 less than average.
The four months with the lightest sales are November through February, which means less competition as well.
So if your clients want to save more of their hard-earned money, it’s smart to wait until the fall or winter to make the move.
Sellers are serious (or worn out)
Whether a house has been on the market for months or the “for sale” sign has recently appeared in the yard, sellers tend to be serious during the offseason. They are usually ready to make a deal, which means that buyers have more room for negotiation and throwing out a lower offer.
Many sellers are very motivated to sell before the holidays come around and would love to close on their house as soon as possible.
It narrows the field of choices
You might initially think that this would be more of a disadvantage, but there really is such a thing as too many choices.
In fact, it’s often referred to as the paradox of choice, a phenomenon that occurs when there are too many options available, which causes people to freeze in the selection process or choose an option that leads to decreased satisfaction in the end.
Because there are typically fewer choices on the market during the offseason, buyers won’t have to worry about slipping into the paradox of choice and can come away with the home of their dreams.
Buyers become the center of attention
During the warmer months, real estate agents, mortgage lenders, title companies and other professionals tend to be swamped, which means that clients might not always get the attention they need or want.
Once the summertime sales are made, buyers may receive more attention from the experts and experience fewer delays and service issues.
Buyers can catch some great sales to outfit their home
If your clients are in need of appliances or other items to help maintain or furnish their new home, then they’re sure to find some good deals during this time of the year.
According to Consumer Reports, it all depends on the month. In September, for example, carpet and paint are usually on sale. October is a great time to purchase a lawn mower, and November tends to be the month for selecting new appliances and cookware.
Even though it can be a smart move for buyers to find their forever home during the offseason, make sure that your clients always weigh the pros and cons and determine what makes the most sense for their unique situation.
They should never rush into a major purchase just to shave off some extra digits.
Tell them to do some research — after all, their home is more than likely the biggest investment they will ever make and one that they will be living with for many years.