One often repeated wisdom is that 80% of sales happen between Memorial Day and Labor Day. While there can be some truth to that nationally, in San Diego buying out of season is both real and can be profitable. The so-called buying season is driven by two things, parents who want to be moved into the new school district before school starts in the Fall and other parts of the country having weather to contend with. Who wants to see homes when it’s snowing outside. Just as importantly, who wants people tracking snow, leaves and mud across their home? You can see why the selling season coincides with fair weather.
Reasons people sell
While homeowners may want to plan their sale for fair weather months, it is not always practical to wait for next summer. A job offer may expect them to be there in a few weeks or a month. A new addition to the family or an ailing parent may require a move closer to the family member. The decision to retire coupled with wanting to avoid shoveling snow for yet another winter. All these reasons, and yet others, cause homeowners to put their home up for sale in September or later.
Most buyers hope to find their new home quickly and get settled for the school year and the subsequent holiday season. The serious buyer will continue with buying out of season. This year such a buyer can benefit from 3 things. First, interest rates have dropped to historic lows. Second, buyers have yet to turn out in large numbers. Thus, bidding wars are almost non-existant. Third, as has happened for years now, there is a resurgence of homes for sale since the start of the school year. This is particularly true of first homes (at the entry level) and luxury homes (at the top of the market).
It is often said that fortune favors the bold. Act on your wish to buy a home. Interest rates are very low. There is Down Payment Assistance, even for those making very substantial incomes. If needed, there is assistance with the fees involved. With few buyers, your reasonable offer is more likely to be accepted. Fewer buyers and several homes to choose from means more realistic sales. Call your realtor and/or your lender to get started. If they can’t help, contact me at 760 622 5087 or [email protected] I will work with you to get you a loan and find you the right home so you too can be buying out of season.