Timing and the Real Estate Market
If you’re trying to get a home for a rock bottom price, most real estate professionals suggest making an offer in the lowest parts of the off season.
According to real estate author and investor, Robert Irwin, the week between Christmas and New Year’s Day, for example is a good time to make a lowball offer. This is because of the low level of competition, and reduced likelihood of competing offers from other buyers.
“The only ones out there are people who desperately need a home or investors looking for a bargain,” Irwin explains.
Early spring ranks as the worst time to make a deeply discounted offer, as it’s by far the most fluid time of year for real estate transactions.
This seasonal phenomena is most noticeable in colder climates such as the Northern US and most parts of Canada. The time of year is less of an issue in places like Florida and Southern California, where the weather is warm all year round.
Of course, regardless of where your are in North America, the final week of the year is going to be slow, and is a good time to try your hand at making lowball offers.