Spring and summer are traditionally the busiest seasons for home buying. When the holidays and cooler months arrive, many buyers put their search on hold. If you are willing to keep looking during a slower stretch, you may find a few advantages working in your favor.
With fewer buyers out touring, you may see fewer multiple-offer situations. That can give you more time to think, more room to negotiate and a better chance of having your offer considered on its merits.
Homes listed during slower seasons are often owned by people with a real reason to sell, such as a job relocation, a growing family or a home they have already purchased elsewhere. Motivated sellers may be more open to negotiating on price, closing costs, repairs or move-in timing.
When the market quiets down, real estate agents, inspectors and lenders may have more availability. That can mean quicker responses, easier scheduling and more time to answer your questions.
Touring in cooler or rainy weather can reveal how a home really performs. You may notice drafts, drainage problems or a struggling heating system that would be invisible on a sunny spring afternoon. Holiday decorations can be charming, but look past them to the bones of the house.
A slower season can also be a great time to get organized even if you are not ready to buy right away. Reviewing your credit, gathering documents and talking with a loan officer now means you can move quickly when the right home appears, whether that is next month or next spring. Some buyers like the idea of settling into a new home at the start of a fresh year, and preparing during the holidays makes that possible.
The most important step is the same in any season: know your budget and get pre-approved before you tour. A pre-approval shows sellers you are serious, which carries extra weight when they are hoping to wrap things up. If this is your first purchase, our first-time home buyer resources are a great place to start, and you can compare loan programs to see what fits.
Shopping when others are not can be a smart move. When you are ready, reach out to FLO Mortgage and a loan officer will help you get prepared.
A FLO Mortgage loan officer can walk through your options, run real numbers and help you choose a loan that fits.
This article is for general education and is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines and program availability. FLO Mortgage, Company NMLS #1835856. Equal Housing Opportunity.
© FLO Mortgage, LLC. All rights reserved. Company NMLS #1835856.