Are you a winter buyer?
As I was shoveling out today I realized this snowfall is great news for my buyers. Buying a home in the fall or winter can be a thrifty move because it’s cheaper and sellers are ready to sell!
There’s typically less competition during the offseason, which means you can get more bang for your buck. Cool!
About 40 percent of homes on average are sold in May, June, July and August, according to The Housing Wire.
Research from Zillow shows that those who buy a home during the peak selling point usually pay an average premium of $1,500, but those who purchase homes in, say, December paid $3,100 less than average.
The four months with the lightest sales are November through February, which means less competition as well.
Sellers are serious (or worn out)
Whether a house has been on the market for months or the “for sale” sign has recently appeared in the yard, sellers tend to be serious during the offseason. They are usually ready to make a deal, which means you may have more room for negotiation.
It narrows the field of choices
You might initially think that this would be more of a disadvantage, but there really is such a thing as too many choices.
In fact, it’s often referred to as the paradox of choice, a phenomenon that occurs when there are too many options available, which causes people to freeze in the selection process.
Are you going to be a Winter Buyer?
Even though it can be a smart move for buyers to find their forever home during the offseason, make sure that you weigh the pros and cons and determine what makes the most sense for your unique situation.