Buying a Home in the Off-Season
November Buying Advice: Fewer houses may be on the market, but there are advantages to house hunting in winter.
Is that really true? Let's look at what buyers can expect from the housing market at the end of the year. What are the pros and cons of buying a home while most of the country is focused on buying and wrapping gifts?
Holiday house hunting Shopping for a home in November and December might be somewhat less than ideal, as there are fewer homes to choose from and not as many open houses to peruse in the season's cold, wet weather.
There will be less competition for any house you do find and fall in love with, and less competition should translate into a bigger discount. Prices are typically at a 12-month low in December, according to Realtor.com
Indeed, sellers willing to keep their house on the market in winter may be more flexible in negotiating the terms of an offer; extending the time to close or agreeing to other concessions.
You're also likely to get more of your agent's time as the year winds down.
Of course, the downside to this end-of-the-year shopping is diminished selection. 'The number of listings that come to market in the spring is 65% higher than what we see in October, November and December.' Many people just don't want to focus on showings during the holidays.
However, if you do see something you like, it's a good time to pull the trigger. With rates near record.
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