Buying A Home At The Right Time
by Tim Mai
If you are out looking for a new house, chances are you want to get it for the best price possible, right? Right. So how do you know what the right time is to buy a house? Here are a few things to keep in mind as you are shopping and looking to put in an offer.
First, think about the time of year you are out looking. It is generally accepted among the real estate community that the colder it is outside, the more likely you are to get your bid accepted. Why?
Because there are fewer people looking to buy a house the later it gets in the year. Why? Well, who wants to move in the middle of rain, snow, sleet and wind? Not the ideal moving conditions. And because there are fewer people that want to move during that time of year, the fewer offers there will be on a given property. The fewer offers, the more apt the owner is to take the first reasonable offer that comes along.
And, get this. The best time in the winter to buy a house is the week between Christmas and New Year's. The reason for that is agents have forgotten about the properties that are still waiting to sell. They don't expect a lot to happen during that week, and are excited when something does.
This usually only happens in areas of the country that have distinct seasons and have varied temperatures throughout the year. For example, in climates that stay warm all year, like California, or where it is cold all year, like Alaska, you will be less likely to see this type of trend.
Of course, another way to get the best price is to watch a certain property to see how much activity there has been on it. Also, you can do research to see how long the current owner has had the home. This may give you some insight as to how motivated they are. Have they changed realtors more than once to try to get the house sold?
Wait until the market slows to make the jump into buying the home. The slower the market, the fewer offers. The fewer offers, the more likely the seller is to take the offer. They may be so happy to have an offer that they may take it as long as it is reasonable.
Also, with a slowing market, people with less than perfect credit will be able to qualify for a loan. That is because sellers are more motivated.
As an example, take an owner that is asking $100,000 may take $89,000 for it. With taking so much less for the house, lower credit scores will be able to get a loan for the lesser amount. So, keep in mind, when you are looking at houses, that timing is everything. For some, timing is the changing season, for others it is the market as a whole. Be sure to watch the trends and pick out the best time for you and your situation.
About the Author
Tim Mai is the founder of Community Real Estate Investors Association, a network of real estate investors who advertise "We Buy Houses Fast" across the nation.
If you are out looking for a new house, chances are you want to get it for the best price possible, right? Right. So how do you know what the right time is to buy a house? Here are a few things to keep in mind as you are shopping and looking to put in an offer.
First, think about the time of year you are out looking. It is generally accepted among the real estate community that the colder it is outside, the more likely you are to get your bid accepted. Why?
Because there are fewer people looking to buy a house the later it gets in the year. Why? Well, who wants to move in the middle of rain, snow, sleet and wind? Not the ideal moving conditions. And because there are fewer people that want to move during that time of year, the fewer offers there will be on a given property. The fewer offers, the more apt the owner is to take the first reasonable offer that comes along.
And, get this. The best time in the winter to buy a house is the week between Christmas and New Year's. The reason for that is agents have forgotten about the properties that are still waiting to sell. They don't expect a lot to happen during that week, and are excited when something does.
This usually only happens in areas of the country that have distinct seasons and have varied temperatures throughout the year. For example, in climates that stay warm all year, like California, or where it is cold all year, like Alaska, you will be less likely to see this type of trend.
Of course, another way to get the best price is to watch a certain property to see how much activity there has been on it. Also, you can do research to see how long the current owner has had the home. This may give you some insight as to how motivated they are. Have they changed realtors more than once to try to get the house sold?
Wait until the market slows to make the jump into buying the home. The slower the market, the fewer offers. The fewer offers, the more likely the seller is to take the offer. They may be so happy to have an offer that they may take it as long as it is reasonable.
Also, with a slowing market, people with less than perfect credit will be able to qualify for a loan. That is because sellers are more motivated.
As an example, take an owner that is asking $100,000 may take $89,000 for it. With taking so much less for the house, lower credit scores will be able to get a loan for the lesser amount. So, keep in mind, when you are looking at houses, that timing is everything. For some, timing is the changing season, for others it is the market as a whole. Be sure to watch the trends and pick out the best time for you and your situation.
About the Author
Tim Mai is the founder of Community Real Estate Investors Association, a network of real estate investors who advertise "We Buy Houses Fast" across the nation.
posted by Andrew Johnson at
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