Is it a Good Time to buy a Real Estate Property?
Buy when no one else is buyingThe best time of year to buy is when you don’t have competition such as December. Since this is the holiday season, sellers leave the market in droves to prepare for family visits or travel. If you are looking to buy a property during this time of the year, you know what anyone who is selling will be highly motivated. In other words, they may be willing to reduce the price a bit so that they can get the property off the market and profit from it for the holiday season. This might also include a condensed and flexible closing schedule. The worst time to buy is during August when school season starts. During this time, parents are usually out in droves searching for areas that have good schools. Even though the selection is high during this time, you will also be competing with other buyers and sellers who will not be willing to reduce prices. Demand increases prices so this is understandable. For the best deals, try shopping for a home in November, January and December when schools are already in session.
Prices drop as temperatures dropProperty prices tend to drop at the end of the year around Christmas since that is the coldest time of the year. Rather than purchasing a family home as an investment, it would be better to invest in rentals at this time. This will be a more affordable option for you since more sellers will be out enjoying the holidays. You can turn this to your advantage since it’s highly likely that properties on sale during this time have been in the market for a while. Chances are sellers are keener to sell them off quickly before another year passes and the value drops. This will give you more control over the bargaining process and chances are you will get a property at less than the asking price. However, since most sellers will be enjoying the holidays, there may be a lack of properties available that you may be interested in. You may not be able to find one you are looking for since property diversity will also decrease. On the other hand, if you manage to find one at a reasonable price, have the snow removed to see what it will look like in the summer. This is a necessary step since the snow might be hiding issues that are not apparent. It may look picturesque in the winter, but once the ice melts, it might look bare and shabby. This includes landscaping features that may look completely different during spring. To avoid a bad purchase, ask the seller for pictures of the property that are taken in the summer and spring. Plus, inspect the interior and exterior of the house thoroughly and shop around for more properties before finalizing your choice. Some sellers try to benefit from low buyer competition by placing unsuitable properties up for sale during the down season. If you want to buy a property as an investment, go for it but if you wish to live in it for the next 10 years or so, it would be best to save up more. You should have enough to place at least 20% down on a home that you plan on living in with your family.
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