The title is a bit misleading because there are circumstances that determine when a buyer can or will purchase a property. Anytime is a good time to buy a home, but the optimum time has always been the last couple of months of the year and the beginning of a new year. Let’s analyze why now is the best time to purchase a home.
Less Competition Than Normal: The majority of serious buyers have already bought a home before the Autumn leaves have fallen. The competition from other home buyers lessens the demand and increases your chances of negotiating with a seller on price and terms. It’s quiet common for the Spring and Summer buyer to compete against other buyers for the same property. Multiple offers are more the norm during the buying season, not so much in the later stages of the year. There’s a double edge sword in waiting though. The selection of homes are scarce in October through December. The chances of finding that special home is limited during the holidays.
Sellers Are Normally Motivated: For a buyer willing to wait until the end of the year to buy a home creates a perfect storm for that purchaser. The anxiety for a home seller is overbearing when their home hasn’t sold before school starts back. Their motivation increases ten-fold and the buyer benefits from this added impetus. As demand dwindles sellers might start making price deductions and other incentives that would have been unheard of three months ago. All is not lost for the seller though, the limited inventory can work in their favor when negotiating with a buyer. In Davis, the difference in asking price and eventual sales price is less than 1% during the Spring and Summer and slightly higher in the Fall and Winter.
Other Benefits In Waiting: Other minor aspects that work in the buyers favor are lenders have plenty of time to focus on your loan and you certainly won’t get lost in the shuffle of a loan officer trying to put 20 loans together at the same time. They can spend more time with your loan package than they normally would have time for. This also works for whole house, pest, roof inspectors. Much less hectic schedule for those professionals makes it easier to schedule appointments expeditiously. Patience is a virtue is true for those smart home buyers that have decided to wait until now to get serious about buying a home. Please visit my website http://www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home and easy access to view local area homes for sale in Davis, California and the surrounding communities.