It’s cheaper ~
There’s typically less competition during the offseason, which means you can get more bang for your buck. About 40 percent of homes on average are sold in May, June, July and August, according to The Housing Wire. Research 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 that you have more room for negotiation and throwing out a lower offer. Many sellers are very motivated to sell before the holidays come around and would love to close on their house as soon as possible.
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 or choose an option that leads to decreased satisfaction in the end. Because there are typically fewer choices on the market during the offseason, you won’t have to worry about slipping into the paradox of choice and can come away with the home of your dreams.
Buyers become the center of attention ~
During the warmer months, mortgage lenders, title companies, home inspectors and other professionals tend to be swamped, which means that you might not always get the prompt response you need or want. Once the summertime sales are made, you may receive more attention from the experts and experience fewer delays and service issues.
Buyers can catch some great sales to outfit their home~
If you need appliances or other items to help maintain or furnish your new home, then you're sure to find some good deals during this time of the year. According to Consumer Reports, it all depends on the month. In September, for example, carpet and paint are usually on sale. October is a great time to purchase a lawn mower, and November tends to be the month for selecting new appliances and cookware. And, after Christmas sales are a great way to get a deal!
If you want to take advantage of off season buying, let me know. As always, I am happy to help you in any way I can. If you have any questions, please don't hesitate to reach out!