As the holidays start to approach in November and December, many people wonder if it’s still a good time to buy a home. Interest rates are low, you’ve saved up your down payment, but people may be warning you it’s a bad time to buy. However, while there are some disadvantages to buying in the real estate “off-season” (mainly, less inventory & fewer open houses due to bad weather) there are also some distinct advantages that can work in your favor when buying a home in the “off-season”.
1) Less competition – People tend to hold off buying a home in November and December preferring to wait until after the holidays to do their serious house hunting. What does that mean for you? Less competition, and the ability to be less aggressive with your first offer.
2) The Possibility of Larger Discounts – Less competition could end up meaning a larger discount in price depending on how quickly the seller needs to sell their home. Sellers may also be more willing to negotiate during the “off-season” if they need to sell their home quickly & are not receiving many offers during this slower time of year. Although not guaranteed, you could end up with a great deal!
Though you don’t want to just settle for something, if you see something you like, now could be the perfect time to buy! Interest rates are at an all-time low, and you may be able to get more for your money now vs. the Spring when interest rates are expected to edge up. If you have more questions about buying in the “off-season”, or would like to talk with a Realtor about your particular situation, please contact us today at 512-829-2062.