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5 Unexpected Upsides to Off-Season House Hunting

October 22, 2014

 

Conventional real estate wisdom has often advised buyers and sellers that once Thanksgiving comes around, they might as well pack it in and wait till they have doled out all their New Year’s smooches to get serious about getting their transactions closed. But there are some hidden benefits to taking the contrarian approach and doubling down on your house hunt while the holiday season is in full swing:

 

1. Lower competition for your dream home

 

In most places, the summer months are the hottest months of the year in real estate, because families with children prefer to move into their new homes before September. House shopping during the off-season can mean

 

• Fewer competitors;

 

• Fewer multiple offers scenarios;

 

• Lower likelihood of being outbid.

 

2. Super motivated sellers

 

Though there are fewer sellers during the off season, those who are active tend to be highly motivated. Sellers who are willing to clear the whole family out of the house when everyone else is having warm fuzzy holiday gatherings are motivated to get their homes sold and ready to entertain your offer to make that happen. Even some banks and asset managers handling short sales and foreclosures may have above-average motivation to move properties off their books and get transactions closed before the year end. Don’t expect to score a mansion for pennies, but you might get you slightly more consideration, responsiveness and speed than in a distressed transaction at any other time of year.

 

3. Can’t miss properties that won’t wait

 

Off-seasons are when fewer new listings come on the market. That said, this is a great time to spot hidden gems that offer unique mixes of property fundamentals, amenities and location.

 

There are sellers who have stellar homes, but have been holding off on listing all year for some reason or other. They end up listing at just the time that works for their lives. If you are a picky buyer, putting your house hunt on hold puts you at the serious risk of missing “the one”.

 

4. Keeping a handle on your cash

 

You would be amazed at how many buyers and sellers find their financial plans derailed by taking themselves out of the house hunting mindset. If you pass your holiday season focused on Open Houses and showings, you’ll minimize the likelihood of having to press pause on your real estate plans while you recoup from your hemorrhage of holiday funds.

 

5. Money pits become crystal clear

 

Buyers rely on inspections and disclosures to surface the hidden defects and property issues. But if you’ve ever read a property inspection report, you know they come with a laundry list of caveats and exceptions, line items where the inspector simply can’t make a call or vouch for a feature, because he could not see the feature in action during the time he was on site. Off-season house hunters have the unique advantage of being able to see the roof, drainage systems, slopes and basements of a property performing under the precise weather conditions, rain, snow, wind and sleet, that often cause unpleasant surprises to spring and summer home buyers. If your target property has a roof leak, you’ll know it if you view it at this time of the year, and that allows you and the seller to negotiate a fix or a credit before you lock in your price and terms.

 


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