4 Benefits of Buying a Home in the Off-Season
While the colder months are generally considered the off-season in the real estate market, many buyers find that it's the perfect time of year to purchase the home of their dreams. Here are some reasons to consider buying real estate in the fall and winter:
More people choose to move during the spring and summer than at other times of the year; therefore, when you choose to buy in the colder months, you have fewer people looking at properties. This ultimately means you'll be up against less competition as you search for your new home.
Low Figures Accepted
When you buy during the off-season, you may be surprised that people accept your low bid amount. People don't want to wait long to sell their house, and they'll often settle for less during the fall and winter months. Most sellers who list their home in the off-season are highly motivated to sell. Since there are fewer purchases being made, you can also usually get home inspections done at a faster rate, and mortgage companies may speed through your paperwork.
Real estate agents only have 24 hours in their day. During busy times, those hours must be divided among more clients. During slower periods, however, an agent can focus more on your needs and desires. This allows him or her to find you the perfect property without having to see homes that aren't suitable for your needs. Most experienced real estate agents can tell amazing stories of houses that they saw sell at a low price during the off-season because the seller didn't want to wait until the warmer months.
Approximately 30 percent of home energy is spent on heating and cooling a home. When you buy in the colder months, especially during the winter, you can find where the cold drafts are in a prospective home, allowing you to insist that they get fixed before you buy the property. Alternatively, finding these drafts early and fixing them yourself allows you to save money quickly. Fixing a draft may be as simple as applying weatherstripping to a gap.
There are many reasons not to wait until spring to buy your home. Buying in the off-season when not as many people are looking often allows you to buy a home faster and at a lower cost.