How to Buy A Home This Fall for A Bargain

Posted in Buyer Blog | 25/09/2012

Windsor Homes

Windsor Homes

Is your plan to spend the holidays in a new home this year?  If so, right now is a great time to start house hunting.  With many homes on the market, and many sellers anxious to sell, there is an excellent chance you will be celebrating the New Year at your new address if you start your search soon.

I have said over and over again that the right time to buy a home is when YOU are ready.  I am not certain there is a special season to buy a home because it all depends on the buyer’s circumstances.  While some real estate agents feel spring is the best time because that’s when new homes pop up on the market after a long winter, other real estate professionals feel fall is a good time to buy because there is often a lull in real estate activity once the school year begins.  This is good news for buyers.  With sellers who still have their homes on the market since spring, there is a good chance you will see them drop their home prices even more. Another good thing for buyers. Not only that, it is possible you will have less competition from other buyers because there aren’t as many of them around compared to the summer months.  Sellers know this, and if you are interested in a home that has been on the market for a while, the sellers may be ready to do some negotiating.  So this fall, you will find plenty of bargains on the market.

How do you seek out these motivated sellers?  If you want a good deal, and who doesn’t, then it’s important to find those sellers that are eager to sell from those who are just testing the market.  Keep in mind that many homeowners want to be out of their home for the holidays just as much as you want to be in one.  The idea is to work with a real estate agent that understands and is familiar with the neighbourhood.  A fully informed and experienced agent knows how long homes have been on the market, and who is ready to make a deal.  Don’t rely on those agents who don’t recognize the area, nor have good working relationships with other local agents.  Chances are, they can’t give you the information you need to get a good deal.

A good thing to keep in mind is when a seller first puts their home on the market, there is always a chance that the home is overpriced.  Perhaps they were a bit optimistic about their asking price, but now, as summer is over, fall is here and the holidays are on their way, they will slash their price.  Many of these properties can be viewed online with the information on how long the home has been on the market and if the price has been reduced.  Once you have this information, your real estate agent should be able to tell you what else they know about the property so you can determine if you would like to make an appointment to tour the home.  This is valuable information for a potential buyer to have.

Other Ways To Save Big

Buying a home at a good price is a good reason to celebrate.  But don’t forget to consider these other excellent suggestions to save even more money:

Work with Lenders

Get offers from three different lenders then compare the rates.  It never hurts to let the others know about the best deal. You never know if they will beat the offer or not.  Also, always, get pre-approved before you start looking at a home.  Sellers will know you are serious about your offer and they will often accept your lower bid with your pre-approval, then another buyer who has a higher bid, but no commitment from a bank.

Ask for Concessions

Depending on the circumstances, a buyer can always ask for the seller to help with closing costs.  While costs vary widely, it is more and more common for buyers to ask sellers to assist with these fees. There are many scenarios for doing this, but it is important for a buyer to discuss this with their real estate agent.  In certain situations this is a normal request, but other times, it is not.  Usually when a home has been on the market for some time, and it’s overpriced, or has some other issue (location, etc.,) that makes the home no so appealing to other buyers, then there is a chance a seller will pay a portion or all of the closing costs.  But again, if a seller has made a huge cut in price, they may feel they have done enough and will take offense at your offer and call the whole thing off.  Again, talk to your agent who can guide you through this process.

The same goes for repairs.  Once you have received your home inspection report, and there are some costly repairs, then a buyer needs to go back to the negotiating table if they still wish to pursue the home.  A buyer can ask for a reduction in price to cover the costs of the repair or can simply ask for the seller to pay for the repairs.   You can also ask for the sellers to pay for a home warranty if an inspector says the water heater has seen better days.  Again, a professional real estate agent knows how to save you money.

Regardless, there are plenty of bargains for Windsor homes on the market today.  With some careful research and some good negotiating, you might very well be home for the holidays.

 

 

 

 

 

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