If you have been looking to buy a home through the summer months you may have noticed that the market was incredibly competitive. Seasonality, inventory (or lack there of), bidding wars, and general market optimism have made it difficult to get into the home of your dreams,let alone your home “for now.” Many people we speak with are starting to believe this is the new normal, but fear not as the proverbial “light at the end of the tunnel” relates nicely with the end of 2018.
As we approach the last 3 months of the year, the fall/winter seasonality starts to play into the buyer’s hands. Sellers are typically more motivated to agree to a deal as their goal of selling during the peak season has come and gone. You will have more wiggle room when negotiating, and paying over list price will be less common.
Some other reasons to consider buying in off-peak months are:
- Lower average sale price
- More time on market (which means more time for you to decide)
- Less competition with other buyers as a large percentage of families pause their search
when school starts back up as feasibility of moving during the school calendar seems
daunting to them
- Holiday pressure – sellers don’t want the stress of moving around the holidays, so they
are anxious to sell before then
- Tax benefits – sellers and buyers alike want to take advantage of tax benefits before the
end of the year
For these reasons and more, autumn is an historically great time to buy a home. Reach out to the friendly agents at Patriot Realty today.