There are certain times of the year where home sales are at a much higher rate. Sales increased during the Spring months to their highest peaks during the Summer months. There is a quite a lull in the sales growth once Winter comes along.
Here are some pros and cons of buying a home during the real estate peak season.
- Proper exploration
It is easier to inspect every inch of the house during the summertime. You can walk around the yard, look on the roof, look at cooling and heating, and check out the landscaping. When it is cold and snowing, you spend all your time inside and can miss out on key areas.
- Various options
There are more options in the market during the peak season as people who will buy a new house will sell their current property. Hence, many options can be explored within the budget. If more people are buying in the summer, more people are also selling.
- Filled Wallets
Peak time in sales means there’s peak time in people’s wallet. Usually, people have maximum money in hand during the spring and summer. One of the reasons behind this is the refund from tax filing. Also, they have recovered from holiday spending. A higher budget implies a better house.
- Too much rush
The houses are bought and sold very quickly. You might not get time for the house inspection, negotiations, and consider the pros and cons of the property even if you like it. This can cause hesitation and false decisions as one may buy a house he never wanted for the sake of not missing the deal.
Sometimes people don’t even get the chance to see the property during the peak season. They explore it online, book an appointment to examine it, and it is sold in the meantime. Because of this reason, some people have started buying the house just by looking at its pictures online.
- Seller has the last call
Peak season is more of a seller’s market as demand is more than the supply. Hence, the seller can sell the property at a higher price. Usually, offers which are not according to the seller’s demand are rejected. It is unlikely to lock the deal on the first property that you come across as the price may not match the amenities offered.
With positives, come negatives. There is no perfect time to buy a home. The best time of the year to buy a property is when the buyer is mentally and financially prepared. It is not advised to believe rumors like prices will go up next month, this the best time, etc.
There will always be a peak season in real estate, but keep in mind the problems that can cause a buyer.