Price Reductions Make Fall The Best Time To Buy A Home
Price Reductions Make Fall The Best Time To Buy A Home.
Best Time To Buy A Home?
Fall and Winter are historically the best time of the year to buy a home. Deals can be found and contrary to what the national media is telling you we do have plenty of inventory in most all of the price ranges.
This morning I pulled up all homes listed for sale in Douglas County Colorado. In the past 7 days there have been 143 price decreases and there are 1,217 single family homes for sale. Of the 1,200 homes for sale over half have had price reductions. So, yes sellers are ready to sell and showing us that through price reductions. The average days on market for all of the currently active single family homes in Douglas County is 123 days on market. Not 2-3 days like the media wishes you to believe.
“I believe appraisers and buyers have sent a pretty clear message to sellers that reasonably priced homes that are in good condition will sell. Overpriced homes are sitting on the market.”
Arapahoe County is also experiencing massive price reductions. Arapahoe County currently has 1,072 single family homes for sale and more than 50% have already had price reductions. The average days on market for active single family homes is 80 days on market.
The best time to buy a home?
September through March is when I have had the best luck getting deals for buyers. This has been true for al of the 17 years I have been selling real estate.
Fall and Winter is a time of relocation so companies are transferring people out of town so relo deals are typically avaiable. Relo home sales are great homes to buy too. Relocation companies don’t like to sell homes unless they are in good condition. Usually the relocation homeowners have only lived there for a few years and typically take good care of their homes since they know they will sell the home soon.
Some sellers that are selling now may have overpriced their homes in the Summer months and now fear sitting on the house through the winter. Some sellers are even contemplating potentially pulling their home from the market and relisting it next year in March or April. Who knows what the future will bring but I’ve never been one to put off to the future what you can do now. Sellers are willing to deal in the colder months. I guarantee you when we look at the numbers next Spring homes will have sold for less over the winter. It holds true every year.
“I actually bought and sold my last two homes in the winter as I knew it was the best time to get a deal..and I did get a deal.”
There is less buyer competition in the Fall and Winter. Some families cannot or will not move during the Fall and Winter since their kids are in school and there is a lot going on. This is one of the major reasons Spring and Summer are so busy.
Wildcard is the relocation buyer. They can and usually will pay top dollar for homes since they have incentives to get moved in and paying a little more for their house doesn’t really hurt as much and it would for a normal buyer.
Home sellers in the Fall and Winter typically understand they are probably going to get a good deal on the home they are buying this time of year too so they are more likely to deal with you on the sale of their home.
Do you want to buy a new build home?
This could be the best time to buy a home. Between now and the end of the year builders will likely have spec homes avaiable for sale and even a few homes that get returned to the from buyers backing out of their new home purchase. This time of year is a great time to pick up a new build home at greatly reduced prices. Builders will also offer you incentives to close on their spec homes before the end of the year. These incentives could be price reductions, paying your closing costs or paying to reduce your interest rate. Either way builder incentives can really help lower your entry costs.
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Here are the currently available homes for sale in Douglas County Colorado priced between $350,000 and $550,000.