Perks of Entering the "Off-Season" Housing Market
Think you missed your chance now that the hot housing season is winding down? Think again! While traditionally the warmer, summer months prove to be the busiest time for the housing market, things do not stop when school starts up again and the leaves begin to fall. Here are some of the perks for entering the “off-season” housing market:
Less Competition – Not many people are interested in adding the task of “home search” to already busy schedules in the winter months unless absolutely necessary. So while people are hunkering down to deal with holidays, school, and work, diving into the housing market during these months could mean you are one of a very few group searching for a home during this time. With less competition you might be able to find something right up your alley. Keep in mind these months do usually mean less inventory on the market as well. But if you aren’t in a hurry, then you could get a head start on others beginning their search as well.
Unique Timeframes – Often times, people selling their homes during this month are rushing to do it before the holidays or for a specific reason. Use this to your advantage. If you are not in a rush to move, take your time going through available inventory to make the right choice. If your timeframe allows for some wiggle room and someone selling needs a quick sale, this could open the door for some big negotiating power.
More Negotiating Power – A family might be looking to move quickly or someone is being relocated for work. No matter what the case, if you have the time to spare, use this knowledge and convert it into negotiating power. Ask the seller to help cover some closing costs or pay for repairs before you move in. In order to make a quick sale to a qualified buyer, a seller will often times comply with these requests to keep the transaction moving in a favorable timeframe.
There are reasons the spring and summertime are the most active times in the housing market. But if you feel confident and have the time, beginning your search during the winter months might prove to be very favorable for you.