How to Save Big on the Most Expensive Purchase of Your Life!
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Your home is probably going to be the most expensive purchase of your life. So knowing the best time to buy and/or sell a home is very important. You’ve probably heard the term “selling season” when it comes to real estate. Conventional wisdom says the best time to sell a home is between late spring and early summer because that’s when more families are ready to buy and move. But what if you’re looking to buy? I asked Licensed Realtor, Walter Key of Long & Foster Real Estate, and he affirmed that you actually should brave the weather and shop in winter.
Here are several reasons why shopping for a new home right now is how to save big on the most expensive purchase of your life.
Less competition. There is nothing more nerve-racking than finding yourself in the middle of a bidding war, wondering if you are going to have to pay “too much” for that dream house you found. In the winter, this rarely ever happens. A lack of active buyers keeps competition to a minimum.
Better prices. It’s basic supply and demand. Less demand means a better price for you! With fewer shoppers actively looking to buy, those that are selling will be ready to make a deal.
Less time negotiating. Because your offer may be the only one they receive for months, sellers will be more reluctant to haggle with you and more willing to make the deal happen in your favor.
Quicker closings and more personal attention. The mortgage industry moves in tandem with the real estate market. So it only stands to reason that with less homes being purchased, the mortgage processor can move more efficiently, which leads to a quicker close, a smoother process, and more personalized attention.
Faster moving help and possibly better rates. If you’re not the type to lug furniture and boxes from one house to the next, you may be in luck. Booking a quality moving company should be far easier in the “off season”. You may even find some great deals by shopping around a little and finding companies offering discounts to drum up some much-needed business.
Regardless of when you buy, are a few more things to keep in mind as look to buy a new home…
Don’t wait for the “perfect home”. Instead, make a list of “must have” items and a list of “would like to have” items. While you should never settle for less than what you need, you may find an amazing opportunity awaiting you if you are willing to see the value in a house that may not have all the things you want right now. Of course, you can always add-on, remodel, or upgrade into that “want to have” list a little later if you can find the home that has the right floor plan, location, and amenities…and at the right price!
Never waive the home inspection. If you are wise and plan to get a great deal, the home inspection is your secret weapon. Not only will it alert you to potential disasters lurking just under the surface, but it will also give you solid ground by which to continue to negotiate more cost savings or to walk away from a deal when you discover it may not be as perfect as you first thought.