Typically I am asked by my buyers what in my opinion is the best time of year to buy a home? Though there are many factors that affect this, there are certain seasonal conditions that could weigh in your favor if you are still looking in November. So, this is not such a little thing, but those of you who haven't yet found your dream home can be thankful that the buyer's rush, at least for 2011, is behind us!
First, consider that most sellers are advised to put their homes on the market in very early spring. In that part of the year, many buyers are out enjoying the gorgeous early spring of the Carolinas providing much visibility and opportunity for sellers. The problem with NOT buying in that same time frame is that you might lose the perfect home, the dream home you have had your eyes on, if you don't move rather quickly. Granted, there is competition among buyers in spring. On the other hand, sellers are very motivated to spruce up their homes and stage them properly in a season where they can expect many buyers. So, for the greatest choice of inventory and the most attractive inventory, one might say that spring is as good a season for buyers as it is for sellers.
But, hold on, isn't this blog about buyers in November? Well, yes, I'm getting to that!
If you are fortunate enough to have seen many homes that suit your taste and buying criteria, and price is really now the most critical factor, you could be in very good shape in autumn. By autumn, many homebuyers, especially those with children of school age, have already bought and settled in. By the end of October, the excitement of the Parade of Homes has waned, and anyone who was waiting patiently for the Parade inventory is writing up an offer. Left behind are the homes and townhomes that may have been very appealing except for price. It is true that some sellers, even some builders, need to get to a point where the home has been on the market 8 months before they consider a price reduction, and, in this economy, price is the entire and only reason these homes don't sell. It's not lack of marketing or agent talent and is usually not related to condition, though more about this in another blog. EVERY home will sell at the right price even in a thin buyer's market.
This is GREAT news for our buyers who haven't yet made a decision provided that decision is due to having TOO many good choices. Now, in November, sellers will offer considerable price reductions and attractive incentives including closing costs and a greater willingness to make changes and repairs than possibly any other season, hoping to attract the buyer who wants to be home "For the Holidays."
So keep this in mind as you browse the landscape and remember you can make an offer a few percentage points off listing, or negotiate for appliances, closing costs or small changes. This is the time of year to do just that. Call me for professional guidance - we hire only the best agents with YOUR best interests in mind. Happy Thanksgiving and Happy Shopping Sprees! Be safe!
