Why the "Off-Season" Is a Great Time to Buy Your Dream Home
November 21, 2013
Although the spring and summer months are considered to be the traditional months for buying (and selling) a home, if you’re looking to buy you may want to think about buying in the “off-season” instead. Fall—or even winter—can actually be a great time to buy.
There are a couple of advantages to buying in the off-season, one of which is that you may have less competition from other potential buyers. Many prospective buyers don’t want to be out looking at homes in the colder months, when bad weather is more likely to be prevalent.
Even on those rare unseasonably warm weekends in the fall or winter, home shoppers won’t be able to see what they really want to see: blooming flowers, green grass and well-manicured yards. Also, many buyers with families may not want to uproot during the school year—from September through May—and will instead wait until the school year is coming to an end to start their home search.
Finally, there’s a psychological element that comes in to play for many potential homebuyers. Many buyers simply feel that the buying season is over. “Oh, I’ll just wait until the spring” is a common refrain. These can all add up to a home shopping experience with much less competition from your fellow buyers—that is, of course, if you aren’t afraid to venture out yourself.
The second advantage to buying a home in the off-season is that you may be able to get a better deal—and not just because you’ll have less competition. True, less competition from other buyers could mean that you’re in a better position to negotiate, but there are more reasons than that why you may be able to save a bit of money.
One reason that the off-season—especially the fall—is a good time to find deals is because many sellers are anxious to sell before winter sets in. However, don’t wait too long because many homes are taken off the market late in the year and then relisted in the spring. Also, a seller may put their home on the market in the fall or winter because they need to sell due to a divorce, job relocation or other unforeseen event. This can definitely work in a buyer’s favor in terms of a lower final price.
Finally, repair and renovation costs are usually lower in the fall and winter. Big box stores such as Home Depot usually have discounts once remodeling season ends and many independent contractors offer better rates on work done during the fall or winter. If you are considering buying this off-season, make sure you hire a good real estate agent who knows the current market and what the conditions will be like going into the fall and winter months. And remember, no matter when you buy, make sure it’s the right time for you.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988. Licensed by the Commissioner of Banks - License No. MB2671