It is human nature to want to get the best deal so I’m not surprised when new clients ask this question. My advice is not try and time the purchase to get a better price. Often buyers think they will get a better deal on a home in the off or shoulder season. But generally speaking, sellers are savvy and home values do not fluctuate by season. The best time to buy a property is when you find the property you want.
Know what you want and be prepared to take action. You have to be confident you understand where the market is and what you want out of your property. What is your budget? When will you be using the property? Will you be renting?
When you do find the property you want, I recommend you request photos of the property taken during different seasons. You really need to see the difference between summer and winter. Where does the snow accumulate? How is your view impacted by the snow or trees during the summer versus the winter?
Trying to time the real estate market is not recommended but do watch for trends. It doesn’t matter if you buy the “deal of the century” if it is not something that matches your goals. Prices were relatively flat in 2012 but we have seen an increase in 2013. Historically Mammoth Lakes has followed the trends in San Diego and Orange County by 6-8 months. In those markets they are currently seeing multiple offers and properties are selling for over the asking price. The median days on market is decreasing in Mammoth Lakes.
In summary, be prepared:
- Know your budget.
- Identify your goals for the property
- Know which area of town you want to buy.
- If financing, get preapproved.
- Establish a relationship with a real estate agent and communicate the info above.
A trustworthy real estate agent will help you understand the market and help you find the property that matches your goals.
For past articles, visit www.sonjabush.com