Pretty much everything that can be bought or sold on planet earth has a peak and off-peak time to buy. Every spring, millions of homeowners across America begin to prep their homes for sale over the summer and millions of home buyers start to get their finances in order. The truth is, however, that just like everything else you buy, there can be some significant advantages to purchasing in the off-season. Here are 3 reasons you might consider buying your next home in the off-season.
One of the major drawbacks of trying to buy a home at the exact same time everyone else is that you generally have to jump pretty high and fast to make sure your offer is even considered. In a competitive market, you may even have to offer well over the asking price. While you may have fewer options in the winter, you can generally take more time considering them all before putting in an offer on the one you like the most. Without all the competition, you also have more power to make a conditional offer.
You might think that having fewer choices is a bad thing, but it isn’t. The truth is, there is no such thing as a perfect home, but there are always plenty of houses available that you can turn into your dream home. When you have too many options, it can be paralyzing. Buying a home is one of the largest purchases most people will ever make and it’s a decision you’re going to have to live with for a very long time. The greater the selection of homes to choose from, the harder it can be to make a decision. Not only do you have more time to make a decision in the winter, but a smaller selection keeps you from being overwhelmed.
When homes are on the market in the winter, it means one of two things: either a home didn’t sell over the summer or the sellers have some pressing reason they need to sell quickly. If they didn’t, they would wait until summer to sell, when there is a larger market for their home. The more motivated sellers are to sell, the more power it gives buyers.