Buying a Home: Understanding the “Off-Season” Market

By Michele Blandino

The spring-time months have long been considered the most opportune time to buy or sell a home. With people anxious to make their move during the summer months so that the kids can be settled into their new home and surroundings before the start of the school year, the number of available homes during the months of March, April and May seem to be nearly limitless.

With Choice Comes Competition

With so many homes to choose from, it would seem reasonable to assume that there would be little in the way of competition yet the opposite is true. Competition for properties, particularly those in family-oriented neighborhoods, is fierce and bidding wars between two or more potential buyers are commonplace. While this may provide a boon for the seller, it creates a frustrating experience for the buyer who may find that they will end up paying more for the property than they anticipated – or wanted to.

Challenging Conventional Wisdom

To avoid this potentially expensive scenario from coming to fruition, many people are choosing to conduct their home search during the months of November through February. Long considered among the worst times for buying or selling a home, the winter months are typically regarded as a “dead” period in the real estate market. There are many reasons for this with bad weather, the holidays, and the reluctance to uproot the family in the middle of the school year being among the most common. Yet for those willing to overcome these barriers, conducting a home search during these months may actually make sound financial sense. Here’s why.

The Advantages

With fewer potential buyers clamoring for the real estate agent’s attention, you can almost be assured that you will receive that agent’s complete attention. This means that they will likely work harder to identify properties for you to consider and spend more time with you as you go through the decision process.

Another advantage to buying during this period is that you will likely find that you will pay less for the home you choose than you would if you decide to wait until spring to make your purchase. This is because sellers with homes on the market during the winter months are usually motivated to sell so that they can get on with their own plans to relocate, downsize or upgrade.

The Disadvantages

As in every decision, there is a downside to buying a home during this period. In addition to the barriers mentioned above, potential buyers will likely find that they have fewer choices to consider. As a result, those choosing to conduct their home search during the winter months should approach this task with an open mind and the willingness to make some compromises in terms of the home’s features and location.

A Final Word

If you decide to take advantage of the winter real estate market, be sure that you are comfortable with the agent you choose to work with. Remember, most agents will have plenty of time on their hands and should be willing to do whatever is needed to assist you in your search. If you don’t feel that your agent is doing enough, it may be time to look for someone else; there should be plenty available!