Potential home buyers start looking at listings of homes during the fall and winter months, but they start buying during the spring. If you hold out a little longer, you will increase your chances of getting your dream home, without hassle and for a lesser price. Here’s why you should wait a little longer to buy your home in the spring.
Leaks can happen in any home. For homes that are located in colder climates, pipes can become frozen. The issue with pipes freezing is that they can cause pipes to break. Water that doesn’t have room to expand will cause a pipe to burst. These breaks in the pipe can be less than an inch or more substantial in size. Either way, the break in the pipe can cause extensive damage and possibly thousands of dollars in repair by way of water damage, mold and other issues.
“Pipes that connect to the exterior of the home can become frozen, which affects leaks and water damage in the home, but pipes can also become frozen underground where it’d be impossible to see,” said Roche Realty Group. If the seller did not take proper steps to winterize their home or keep the heat on while potential buyers come in to view the home, chances are that the pipes in their home will freeze.
A leak and the damage a busted pipe can cause will not be realized during the winter when everything is still frozen. It’s only when temperatures rise that leaks become known. A problem such as this may go unnoticed during routine inspections.
Many people don’t know about real estate and what drives prices up or down when they buy a home. A substantial amount of people buy homes during the warmest times of the year. This means that they start looking and buying during spring. By the time summer comes around, buying has slowed down. When there are an excessive amount of homes on the market with a small amount of buyers, buyers can afford to make lower offers on homes. The lack of competition combined with seller desperation creates more affordable listings.
In addition, most people are thinking about vacations and summer events during the summer. Very few people are thinking about purchasing a home. This is great news for those who are determined to close escrow.
The sudden flood of affordable homes on the market helps buyers find the home they most desire. Most every real estate agent will ask a potential buyer for a list of their “musts”, and they ask the potential buyer to make a list of their “likes”. “Likes” are things a potential buyer would like a home to have, however, which are not necessary to close the deal. Having a huge selection of homes to choose from, many buyers end up walking away with their dream home because they get homes with their “musts” and “likes” for an amazing price.
The summer presents the best time to get into a new home. Kids are out of school for the summer, so the schoolyear won’t be disrupted. This also allows children the opportunity to get adjusted to a new home, neighborhood and a new schedule. This eases anxieties if the children will be starting a new school as well because they will have established some sort of familiarity in their new home.
Parents have an easier time with this transition too because it allows for ample time to get the home set up. Parents don’t have to compete with other time constraints, such as school, soccer practice, after-school programs and other events.
Houses are easier to repair and renovate during the warmer months. Ice and snow are difficult to maneuver through, carrying items in the snow become burdensome, and it’s nearly impossible to fix exterior portions of the home in rough weather. Some projects, such as pouring concrete, require the weather to be warmer.
It’s also easier to see a property as it is when there isn’t a lot of snow and ice covering it. This gives buyers a truer representation of the property and what they can expect to do with the landscape.
Buying a home is a huge responsibility. Buyers can expect to spend more for their home than the asking price. There are property taxes, closing costs, potential repairs and odds-and-ends expenses that no one foresees. Buying a home in the summertime helps to avoid or plan ahead for these expenses simply because the timing is right.