When buying a home, there are certain times when the market is busy and other times when it is slow. For example, many homeowners with kids look to sell their home to move during the summer, conveniently between grade levels at school. Instead of buying during the summer rush, you may want to consider buying during the winter holiday season because of the following benefits.
There Is Much Less Activity In The Market
With summer and spring being such a popular time to sell, it is also the time when the market is the most competitive for buyers. You will have to compete with multiple offers, homes that go up for sale as fast as they have offers, and the seller having all the advantages.
The holidays are often a time when an owner is forced to sell their home - for example, when the owner gets a new job and needs to move quickly. This gives the advantage to the buyer since the seller cannot wait for another offer. If the sale is motivated by new employment or another factor out of the owner's control, they will be looking to make a quick sale. Your offer is more likely to be accepted because they do not want to hold off until the next offer comes in, whenever that may be.
You Can Get A Lower Interest Rate
It's possible that you can get a deal on your mortgage by getting a more competitive interest rate because business is slow. A mortgage lender will be more likely to fight for your business, and time spent walking you through the application process without closing on the loan is time wasted without compensation for the lender. Use this to your advantage and shop around.
Closing on the Home Will Go Faster
With less activity in the market, things will go faster when closing on your home. The mortgage lender will not be as busy, so more focus can be put on your own loan. It will be easier to get a home inspection scheduled because more inspectors will be available. Your real estate attorney will have fewer clients, so your paperwork will get reviewed faster than usual. Having everyone's full attention can help ease the stress of trying to close on a home.
If these sound like great benefits, work with a real estate agent in your area to find a home for sale.