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3 Tips for Buying a Home in October

Friday, October 11, 2013 - Article by: Lender411 Member

Spring is the traditional peak of the real estate market, but October actually represents a great time for buyers to consider buying a home. There's generally more inventory at this time of year, and sellers may be more motivated to sell - which can mean now is a great time to get a good deal. What do you need to know if you're thinking of buying a home this October?

1. Sellers may be more motivated this time of year. Shopping for a home during the traditionally slower fall and winter months can be a great idea for buyers who have time and a willingness to bargain. As this time of year is traditionally slower than the spring market, sellers who list their homes at this time of year may be more motivated to sell than buyers in peak markets.

This gives buyers potential leverage, including the ability to negotiate a better price or concessions from sellers. However, trying to negotiate a lower price or concessions can alienate sellers, so it's important to get a good read on how motivated the seller is, and whether you can get away with negotiating for a better deal.

2. Move quickly to close before the holidays

As we move into the holiday season, late November and December are traditionally the slowest time of year to process a closing. Lawyers, real estate agents, title professionals, inspectors and appraisers - all the people who are involved in the closing process - may have limited availability due to the holidays, which can drag out the closing process. If you want to close before the end of the year, try to move quickly to close before the holidays - shoot for a closing date no later than mid-November to avoid potential delays.

3. Take the opportunity to check out heat and drainage

October is a great time of year to look at homes from a systems standpoint. The weather is getting colder, and it's easier to note drafts, potential performance issues in the heating system, insulation issues and other weather-related considerations. Also, check out the condition of the drainage system. Has the seller cleared the leaves from rain gutters and downspouts? Is the home draining properly away from the foundation? These minor details can tell you how well a seller has maintained the home overall - which can play an important role in your decision to buy or not.

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