General real estate knowledge tells buyers not to expect any closing to be completed from Thanksgiving until after New Years. However, there are 5 upsides to purchasing a home in the off-season.
1.) Less Competition
In most areas of the Los Angeles real estate market, particularly those in desirable neighborhoods like Studio City, Downtown LA, Toluca Lake, Sherman Oaks, Pacific Palisades, the Hollywood Hills, West Hollywood, Los Feliz, Silver Lake, Venice and Santa Monica, the spring and summer months are the most popular months for homebuyers. By house shopping during the holidays when most people are otherwise distracted, you can lessen the competition, reduce multiple offer scenarios, and reduce the likelihood of being outbidding on your dream house.
2.) Highly Motivated Sellers
Even though there tends to be fewer home sellers during the winter months, they tend to be highly motivated to sell their homes. Even banks and asset managers may consider giving you a better deal on a home in order to get any foreclosures or other properties off of their books, with a closed sale before the end of the year.
3.) Can’t Miss Properties (You Don’t Want to Miss)
Despite there being fewer homes listed during the off-season, this is the best time to find a diamond in the rough. Many times sellers list their homes for sale around their personal needs, which may result in the house being listed during the off-season when work, school, and many businesses slow down.
4.) Keep a Grasp on the Cash
If you wait until after the holiday to continue your house search, you run the risk of over spending holiday shopping, which could delay you house hunting even longer. By continuing your house hunt during the off-season, it will help you keep focused on your budget, and prevent over spending.
5.) House Problems are More Visible
Home buyers depend on home inspectors to find and disclose any housing defects. However, during the summer months, when the weather is nice, some hidden home defects will go undetected. House hunting during the winder or off-season months, is often the time when more defects may be detected. Weather conditions such as rain, sleet, snow, and wind allow a house inspector to see how the house holds up to the weather. The drain system, any slopes, the foundation, and so forth can be inspected more thoroughly during the less favorable condition, helping a potential homebuyer avoid a nasty surprise come spring time when the weather begins to clear up.
Think about it. You may get more consideration, more responses, speedier transaction time, and a slightly better deal is you consider purchasing when the rest of Los Angeles has either left town or is distracted by the holidays.