Should You Wait for Spring? The Perks of Buying in the Off-Season

You might be thinking, Am I missing out on options if I don’t buy a home during the peak season? While it’s true that spring and summer typically bring an influx of listings, they also bring more competition and, in turn, higher prices. According to the National Association of Realtors (NAR), home sales peak during the warmer months and then decline in the fall and winter. This seasonal shift creates opportunities that most buyers overlook, especially following an election year when market uncertainty begins to settle and activity picks up. Think about it this way: Buying a home in the off-season is like going to an amusement park on a weekday—shorter lines and fewer people. While some buyers wait for the rush of spring, others discover why the quieter months could be the best time to find and buy their dream home. 1. Motivated Sellers Are Open to Negotiation Sellers who list their homes in the off-season often do so out of necessity, such as job relocations or personal circumstances, making them more motivated to sell. This motivation can translate into better deals for buyers, including price reductions, closing cost assistance, or flexible move-in dates. During fall and winter, sellers may be more inclined to negotiate, offering opportunities for lower prices and better terms. 2. See Homes in Their True Light Viewing homes during the off-season allows you to assess how properties perform under harsher weather conditions. You can observe how well a home is insulated, how the heating system functions, and whether there are any issues with drafts or leaks. This insight can be invaluable, ensuring that your new home is comfortable year-round.  3. Potential for Year-End Financial Benefits Purchasing a home before the end of the year can offer tax advantages, such as deductions for mortgage interest and property taxes, which can be beneficial when filing your income tax return. Additionally, builders looking to close out their inventory before the new year may offer incentives on new construction homes. 4. Prices Tend to Rise After Elections Another reason to consider buying in the off-season—especially during an election year—is the potential for home prices to increase after the election period. Historically, the housing market sees a boost in activity once election uncertainty subsides. Data shows that home prices typically experience an upswing after presidential elections (link to this blog, if published). This is because consumer confidence returns and more buyers enter the market.  Final Thoughts While the off-season may not be the traditional time to buy a home, it presents unique opportunities that can make your first home purchase more advantageous. By embracing the unexpected perks of off-season buying, you can find the perfect home with less stress and potentially better terms.

The Best Week to Buy a Home in 2024 is Almost Here

The Best Week to Buy a Home in 2024 is Almost Here   The past few years have been tough for buyers. And if you think back to before the pandemic, you’ll likely remember hearing that spring was always the ideal time to buy a home. After all, that’s when the majority of homeowners list their homes for sale, and more homes on the market means more options for buyers.This fall, however, marketing conditions are aligning in favor of homebuyers in many markets, creating a unique window that hasn’t happened in recent years. Realtor.com even named September 29 - October 5 the best week to buy a home in 2024."This year buyers who are looking for that optimum mix of ample options and the potential to save on list price are going to find some of the best market dynamics in years during the first week of October," said Danielle Hale, chief economist, Realtor.com®.So, what makes this season stand out?  Let's break down the data below.  #1—Lower Mortgage Rates After months of steady climbs, mortgage rates have recently dipped to their lowest levels since February 2023, falling to 6.11% on September 11. This decline offers buyers a chance to lock in more favorable rates and save substantially on their monthly payments. For instance, the monthly payment on a typical home purchase has decreased by over $100 since peaking in May, according to Zillow. But here’s the catch: mortgage rates are unpredictable. While they’re lower now, they could rise again without warning. Acting now could mean the difference between getting a great deal and missing out.  #2—Peak Inventory Levels If you’ve been holding out for more options, your patience has paid off. In August, the number of homes for sale increased by 22.1% compared to the same time last year. And, Realtor.com reports that the first week of October will likely feature 37% more active listings than at the start of the year, offering the widest selection for buyers."Unlike the past few years, we are seeing ample for-sale inventory which could soak up any late-season demand in many markets, making the fall a great time to buy even if falling mortgage rates amp up more demand than is typical," said Hale.More inventory means more choices — and more opportunities to find the perfect home. It also means less pressure to make a snap decision, allowing you the time to thoroughly consider your options without worrying about losing out to another buyer.In [local market], housing inventory trends [are in line with / differ from] national trends. In August, we saw a [X% increase/decrease] in inventory. [Add a line about what this means for buyers in your market]. #3—Less Competition Means More Negotiating Power Spring and summer are traditionally hot buying seasons, with a typical cooling in fall and winter. Buyer demand is expected to drop by nearly 30% compared to the spring peak. This reduction in competition could give you a leg up in negotiations, whether that means offering below the asking price or asking the seller to cover some of your closing costs. #4—Price Reductions are More Common In a market with more inventory and less competition, sellers are often more motivated to make deals happen. In August, 25.9% of listings experienced price cuts nationwide, compared to 23.4% a year ago. If you’ve been frustrated by inflated prices, you might find more opportunities to negotiate a lower price or snag a deal on a home that has been sitting on the market.In addition, Redfin reports that the number of homes sold above their list price has also dropped, from 33% last year to just 27.9% in the four weeks ending September 8. In practical terms, this means that sellers are more willing to negotiate, giving you the opportunity to buy a home for less than you might have expected. Seasonal Trends for Homebuyers While fall is typically seen as a slower season for real estate, it can actually be a strategic time to buy. Many sellers want to close deals before the holiday season, making them more motivated to negotiate. That’s part of the reason why Realtor.com identified the week of September 29 – October 5 as the best week to buy a home this year (along with the reasons above!). If you’re thinking about buying a home, waiting until spring could mean higher rates, fewer options, and stiffer competition. This fall is offering a rare combination of lower mortgage rates, more inventory, reduced competition, and increased negotiating power. If you’re interested in learning more about your options, reach out here for a discovery call. (Link to email or Calendly).

Timeless Elegance Meets Modern Comfort: Discover Your Dream Bungalow at 1130 N Corona St, Colorado Springs, CO 80903

Nestled in the heart of downtown Colorado Springs, the charming bungalow at 1130 N Corona St stands as a testament to timeless elegance and contemporary appeal. With a listing price of $425,000, this exquisite home offers an enticing blend of historic character and modern upgrades, making it an idyllic residence for discerning buyers.As you approach the property, the beautifully enhanced landscaping creates an inviting first impression. The covered front porch, a quintessential feature of classic bungalows, beckons you to sit and savor the vibrant surroundings—a perfect spot for morning coffee or relaxing sunsets.Step inside, and be greeted by a symphony of refinished hardwood floors that mirror the home's storied past while providing a sleek, contemporary surface for modern living. The high ceilings soar above you, creating an open and airy atmosphere that is further complemented by the abundance of natural light streaming in through the generously sized windows.The living room boasts an original "Van Briggle Pottery" tile fireplace—an exquisite piece of historic art that stands as a focal point, showcasing the meticulous care taken to preserve the home's original charm. Whether you’re hosting gatherings or enjoying a quiet evening, this living room is a blend of warmth and sophistication.Culinary enthusiasts will fall in love with the gourmet kitchen, which has been thoughtfully updated to meet modern standards without sacrificing style. Custom cabinetry offers ample storage space while brand-new countertops provide a sleek, durable surface for meal preparation. The stainless steel appliances add a touch of contemporary flair, ensuring that the kitchen is as functional as it is beautiful. A seamless blend of artistry and utility, this kitchen is truly a chef's dream.Adjacent to the kitchen, the dining room features an incredible leaded glass built-in, adding an element of historic charm and sophistication. This elegant space is perfect for hosting dinner parties, family gatherings, or intimate meals, set against a backdrop of timeless architectural details.Recent upgrades to the home include fresh interior and exterior paint, enhancing the overall aesthetic and providing a clean, welcoming ambiance. These recent touches ensure that the home is move-in ready, allowing you to start your new chapter with ease.The semi-finished basement offers additional versatility to the home. This space can be easily transformed to suit your needs—whether you envision a recreation area, a hobby workshop, or simply need extra storage, this basement is a valuable asset.With so much to offer, 1130 N Corona St is more than just a house; it's a lifestyle. Its prime downtown location means you're never far from the vibrant amenities Colorado Springs has to offer—from trendy dining and shopping to beautiful parks and cultural landmarks.In summary, this exquisite bungalow encapsulates the perfect blend of historical allure and modern convenience. From its beautifully refinished hardwood floors and gourmet kitchen to the original tile fireplace and flexible basement space, every detail of this home has been crafted to provide both comfort and style. Priced at $425,000, 1130 N Corona St invites you to discover a home where timeless elegance meets modern comfort.Schedule a viewing today and experience firsthand the charm and sophistication that await you at this remarkable downtown bungalow.