Dual Income, No kids? Summer is Ending, but your Home Buying Season is Heating Up
Summertime is the busy season for homebuyers. Families, especially, are eager to make the transition to a new home between school years to simplify the process and minimize the disruption for their children.
But what about shoppers without children? Is summer still the ideal time of year to find a new house? If school schedules aren’t part of your planning process, the opportunity to buy your dream home, at your dream price, may still be around the corner.
Use Your Leverage
While waiting for fall to begin your home search may mean less inventory to choose from, it may not be as limiting as you think. In particular, dual-income couples without kids may find the advantages of off-season shopping hard to pass up.
Sellers who listed through the busier spring and summer months are likely to be eager to sell and more willing to negotiate on price. Work with your real estate agent to identify homes that have been listed for a while if you’re interested in scoring a deal from a motivated seller.
Similarly, your agent may also be able to expand your options by locating recently-expired listings. These owners may be planning to wait until next year to try again with a different listing agent, but a home that checks the right boxes for you might be worth a little extra work to find out if they would still entertain an offer.
Enjoy More Access
Fortunately for you, sellers won’t be the only ones more motivated during the slow season. Your real estate agent probably won’t be juggling as many clients, freeing up more time for them to focus on you.
You can also take advantage of the seasonal lull when it comes to lenders, inspectors, appraisers and title companies. They’ll be less of a chance that any of them are overwhelmed with clients, reducing the likelihood of delays and even making a shorter closing time a possibility.
Savings can Add Up
In addition, your potential savings don’t have to stop with a lower list price. Buying later in the year will cut down on your prorated property tax bill for the current year, and may also save you money the following year. By moving in before January 1, you could become eligible for a homestead exemption on your property taxes sooner rather than later.
Saving some money getting settled in your new home is also a possibility. Rates for moving companies and other home service providers are more likely to be discounted when customers are fewer and farther between.
If you’re ready to find your new home this fall, contact an Open Mortgage loan originator today.