Your personal home-buying schedule doesn’t have to correspond with the real estate market! In fact, buying during the “off season” can yield tremendous advantages.
The “off season” differs depending on your specific location, but always refers to the period of time during a calendar year when both inventory and competition are low. Usually, this corresponds with the weather conditions in a particular area.
If you’re buying a home, you may just want to begin looking for your dream home during this period of market inactivity. Here’s why:
There’s Less Competition
During the off season there are typically far fewer active buyers looking for homes, as most buyers prefer to look for homes when the weather is great or their kids are out on summer vacation. If you’re searching during the off season, you won’t feel as much pressure from other buyers looking at the same homes as you.
This gives you plenty of time to tour homes, think about them, and come to a decision about whether or not you want to put an offer down.
But the Same Great Inventory
While inventory does decrease during the off season, you can still expect to encounter a great selection of homes for sale in your area. Home selling tends to correspond less with the weather or the time of year and more with an individual seller’s situation.
After all, sellers usually have unique reasons (like relocating for work or searching for a bigger home) for selling their home that aren’t related to the weather or the season.
So no matter the time of year, there will always be homes for sale.
You’ve Got More Room for Negotiation
As the buyer, you have the upper hand during the off season. Fewer buyers often mean more desperate or eager sellers. And many times, sellers whose homes didn’t sell during the busier seasons will drop their price to appeal to more buyers.
This eagerness to sell gives your more power in your negotiations. By working with your Realtor, you may be able to get the seller to agree to a lower price, or possibly even some upgrades or repairs.