Reasons to Buy During the Off-Season
The days between November - January are usually spent visiting, entertaining, cooking, cleaning, shopping, and once the holidays are over, hibernating until spring. It’s safe to assume that searching for a home during this time is the last thing on your mind - but we’re here to tell you this might be a good opportunity to amp up your house hunting game.
According to Realtor.com, 50% of homes are sold in summer, but Lawrence Yun, chief economist for the National Association of Realtors says if you want to get the best deal and avoid a bidding war, your best bet is to buy once the weather turns colder and the days grow shorter. Here are some reasons why it can pay off (literally) to buy a home during real estate’s off-season.
Since everyone is busy baking cookies and wrapping presents, now is your chance to bypass all the other house hunters and find your home. Open house attendance tends to be low, so you’ll have the opportunity to check out every inch of the property. Less competition also means you’ll get more one-on-one time and attention from your real estate agent.
You Got the Power
Sellers who have their homes on the market during the off-season are generally people who need to sell, which gives you a huge upper hand in the negotiation process. Now is the time to dust off your high school debate team negotiating skills and score the deal of a lifetime.
Pro Tip: Beware that snow can cover up any defects or issues with the home that are usually more obvious during the warmer months. Be very thorough throughout the home inspection to be sure you are not caught by surprise months down the road.
Dip in Prices
Less competition + more desperate sellers = affordable prices. It’s that simple! Sellers may be open to lower offers or pay for needed repairs, and lenders may also be willing to negotiate closing costs to win business from a smaller buyer pool.
Buying a home before the fiscal year can help you claim tax deductions in the following tax season, including closing costs, property tax, and mortgage interest, to offset your taxable earnings.
Move in Faster
Low activity during the winter months means you can get your house appraised and inspected quickly. The faster you move through these necessary procedures the sooner you can move in!
Don’t let a little snow distract you from your goals. Get on your gloves, hat, and boots and get out there! Be sure to check our Buying a House page to check out listings in your area.