Probably, you are planning to buy a home this spring or summer, thinking it to be the most pleasant time of the year for moving. What if we say it will cost you more? A fabulous home amid the vivid Austin city sounds nothing less than a dream come true!
But, considering the real estate market in Austin, investing in a property during the peak season can cost you up to 10% more! YES! We suggest if you are keen to make your home purchase, wait a little and buy at the bottom.
Let’s take a closer look at why we say so.
- Market Saturation- During the peak season, i.e. spring and summer, the market is thronged with prospective property buyers since families find it convenient to relocate because of the school year-end. Children typically enjoy vacations and have enough time to indulge in other activities. So, increases in property prices and biddings are commonplace.
It is reported that property prices increased 10% in the last year during the peak season. However, during late fall and winter, the market becomes slow, lowering property prices, and you can even get a good negotiation from a real estate agent Austin TX.
- Closing Deals- Do not be surprised if we say that most sellers are in a rush to close deals during the off-season. With properties lingering in the market for over four months, sellers are willing to quickly sell them off and earn some income.
In such a scenario, you experience better flexibility as sellers are open to negotiations, compromises, closing deals, and other conditions to get rid of long-held properties. So, as a buyer, you secure substantial leverage!
- Meticulous Property Assessment- A good cause is that you get enough time to assess the featured listings! When the market is at its bottom, you have plenty of time to visit each property you have shortlisted and assess them thoroughly. With low demand, you are not in a rush to book a property immediately to secure it! You can take your sweet time to explore the property well and even identify issues that may need repair or replacement.
In Austin, winters are unpredictable. The climate fluctuates tremendously. It gives you an opportunity to detect flaws that may not have been possible during the favorable summer months.
- Service Availability- Lastly, apart from real estate brokers in Austin Texas, you need other professional services like property inspectors, movers, appraisers, etc. Well, the off-season keeps them less preoccupied. It means you can access their services easily, ensuring a hassle-free moving experience.
These professionals can commit more time and patience to assist you with better quality services.
Final Thoughts
Timing is a pivotal consideration when buying a property. While we understand that it is absolutely a personal agenda, sometimes, to leverage the best deals, we have to contemplate other factors as well. Who doesn’t want to play a good shot?
