| What time of year to buy a new home? |
|
|
|
|
|
Kiaser
Senior Member
Cash: $ 43.05
Posts: 209
Joined: 12 Apr 2006
|
| What time of year to buy a new home? |
 |
|
Does time of the year you close on a home purchase matter? Say if you purchased just before or after you pay your taxes, would you save any on not having to pay property taxes (or save by being able to deduct)?
|
Sat Apr 15, 2006 5:36 pm |
|
|
Blue Eyed Cat
Contributing Member
Cash: $ 2.90
Posts: 29
Joined: 12 Jul 2006
Location: Central Florida
|
I agree that the only timing element is demand. I used to live in the DC area. Housing started selling selling in January and started tapering off in June or July. The best times to buy were September to December.
Now I live in Florida in an over 55 community. Housing starts selling in October and tapers off by May. The best time to by here are June to September.
Any realtor can give you statistics on number of houses sold per month going back a lot of years. Ask for this and see when the fewest houses are sold and buy then.
|
|
Wed Jul 12, 2006 2:44 pm |
|
|
efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
|
You can only deduct property tax you actually paid, above estimated tax credited by the seller. So in states where tax is due the following year, you get no property tax deduction for the year you buy the home (paid by seller), and only a partial tax deduction for current year tax due the following year (beyond estimated tax credited by seller). You might not get the full tax deduction until the 2nd "full" year you have the home. So property tax is unlikely to influence the best time to buy.
You can probably negotiate the best deal when there are fewest buyers (depending upon climate) unless you stumble on an anxious seller and can close quicker than other offers from buyers contingent on selling their previous home.
|
|
Thu Jul 13, 2006 2:02 am |
|
|
coltster45
New Member
Cash: $ 1.80
Posts: 9
Joined: 10 Aug 2006
Location: Northern California
|
when the weather is nice homes fly. In the Winter - homes are slow. Now if you live in a winter colony like florida or the warmer US- homes sell well in winter.
Buy when the buyers are doing something else and the sellers are begging to sell there house 
|
|
Thu Aug 10, 2006 1:06 am |
|
|
foxi$
Contributing Member
Cash: $ 5.15
Posts: 25
Joined: 22 Aug 2006
|
| in az |
|
|
good time to see what month winter????
|
|
Tue Aug 22, 2006 8:03 pm |
|
|
Sailbad
Member
Cash: $ 3.10
Posts: 15
Joined: 24 Aug 2006
Location: Austin TX
|
Property taxes are pro rated to the day but likely to go up the following year. In any case, outstanding amounts are paid for by the seller. I would focus more in interest rates of you are planing to stay in the home for any length of time. The months prior to school starting are usually busier than others and Christmas is generally a slow season for sellers.
|
|
Thu Aug 24, 2006 10:19 pm |
|
|
MidshoreMoney.com
Member
Cash: $ 4.15
Posts: 20
Joined: 10 Feb 2007
|
To the advice to buy when no one else is buying, I would add that you should look for the sellers who are highly motivated. If they're having problems selling and there's nothing majorly wrong with the property and they really want out, it's time to buy. This, by the way, could be done at any time of the year.
A few final tips, look for the "For Sale By Owner" signs. Look for houses which seem to be empty or whose yardwork is less than desirable...sometimes people will consider selling even when they're not for sale. Find out of town owners who might want to get rid of their property. Look for upcoming foreclosures where the owners might appreciate you bailing them out.
Remember, if the lawn is emerald green and there's a real estate agents sign on it, you probably won't be getting a deal. Let the suckers fall for that. You look for the diamonds in the ruff.
|
|
Sun Feb 11, 2007 5:25 pm |
|
|
chowong
New Member
Cash: $ 0.95
Posts: 4
Joined: 16 Feb 2007
|
quote:
Originally posted by MidshoreMoney.com
To the advice to buy when no one else is buying, I would add that you should look for the sellers who are highly motivated. If they're having problems selling and there's nothing majorly wrong with the property and they really want out, it's time to buy. This, by the way, could be done at any time of the year.
A few final tips, look for the "For Sale By Owner" signs. Look for houses which seem to be empty or whose yardwork is less than desirable...sometimes people will consider selling even when they're not for sale. Find out of town owners who might want to get rid of their property. Look for upcoming foreclosures where the owners might appreciate you bailing them out.
Remember, if the lawn is emerald green and there's a real estate agents sign on it, you probably won't be getting a deal. Let the suckers fall for that. You look for the diamonds in the ruff.
That 's the good advice for me. Thanks a lot
|
|
Fri Feb 16, 2007 4:54 pm |
|
|
Bid-Palace
Full Member
Cash: $ 4.21
Posts: 74
Joined: 17 Mar 2004
|
I believe the best time to buy a home does depend on the where you are looking to buy like a few people said above. In Dallas, I think the Thanksgiving/Christmas time is the best time to find the best deals bc seller's are more motivated as mentioned above. Find a motivated seller from pre-foreclosure.. if you don't have access to pre-foreclosures,, i'm sure there's a broker in your area waiting to help you out if you look in the right places.
The best time to Sell in Dallas is the Spring Time.. there is definitely something about the chemistry of the weather and attitude of people during different seasons. Their buying habits change and they are more willing to pull the trigger.
Take Care,
|
|
Sun Feb 18, 2007 6:00 pm |
|
|
Stromprophet
Preferred Member
Cash: $ 26.30
Posts: 127
Joined: 09 Sep 2006
Location: Indiana
|
|
|
|
A lot of good advice in this thread.
I have been doing a lot of looking lately and read a great article on msn.
http://realestate.msn.com/Buying/Article2.aspx?cp-documentid=4594612
Has some good advice on what you should be doing before even buying a home, and it's also stuff that will give you some leverage when buying.
Some points I have found.
1) REO (Which is a real eastate owned forclosed property). Typically a forclosed home is sold as-is, and if you get screwed you're stuck. An REO is typically higher quality, you're entitled to contengencies, and inspection, it may also be purchased by a standard loan.
2) Ask your realtor about relocation companies looking to offload homes.
3) If the house is empty that means higher motivation to sell, if they are still living there it's gonna be harder to get a deal.
4) Currently there are definitely fewer buyers on the market, regardless of what selling season we are in. Home inventories of new and old homes continue to rise. In my looking it seems sellers have not yet realized this (last spring people were still buying like mad, bottom dropped in May) yet and are looking for what their home was worth. If you have to be bold and inform them of that (via a lower offer, or no offer at all) I would. I live in the midwest and no one is buying, if there is such a large supply and so few buyers, naturally prices should come down to sell off the excess. Make sure you wait for them to and stick to your guns, don't offer more than what it's really worth.
5) Track comparable homes, see selling prices, look around the neigborhood and get an idea of what the house should be really worth.
6) A home that has been on the market for quite some time might be more willing to drop the price.
|
|
Tue Apr 10, 2007 6:01 pm |
|
|
austin
Contributing Member
Cash: $ 7.20
Posts: 36
Joined: 29 Jun 2007
Location: Austin
|
| Austin |
|
|
I think alot of it depends what market you are in. I am in the Austin market and foreclosures usually are bad deals. Basically their are alot of investors going after foreclosures so they get bid up above market price by first time investors who read a book last week about investing in real estate. Additionally since prices are going you usually only find foreclosures in areas with really low or negative appreciation. Basically houses in the middle of nowhere that no one is interested in. So basically even if people buy these houses under market rate in 3 or 4 years they would be better off having bought a property in an area that has better appreciation. Additionally when the markets go south these houses in the middle of nowhere tend to depreciate faster than houses in better locations.
|
|
Fri Jun 29, 2007 9:36 am |
|
|
Case-Face
Full Member
Cash: $ 0.35
Posts: 75
Joined: 21 May 2007
|
With the market like it is today, I don't think it matters when you do. It's not like buying a car-- buy a vehicle on a rainy day is what people have told me... but I don't think that applies to a house 
|
|
Tue Jul 03, 2007 3:45 pm |
|
|
|
