When it comes to selling and buying real estate, it is extremely common to hear people say “We are going to re-list in the spring” or “We are going to start looking at Lake Tahoe real estate to buy in the spring”. Spring is usually considered the “on season” while the “off season” is usually between December and February. Spring, it seems, is the most popular time to start the real estate transaction, but that doesn’t always mean it is the best time for every person. Are you wondering if now is the time to buy? Read on for a break down of both seasons perks and downfalls.
The On Season
The definition of “on-season” is when inventory starts to increase, peak and then tail off and slow down. Peak inventory is based on location, the weather, demographics (an area with more families will probably time their move around the school calendar) and more, so every area will vary a little bit. If you’re looking to buy during the on-season, you will want to watch for a few things.
During the on season, there are more houses on the market to choose from. This is very desirable if you are looking for a specific neighborhood or a home with distinct details. If there are more homes on the market, you are probably going to have a higher chance of finding your dream home. The downfall is that there is more competition which means a higher chance of bidding wars, busy lenders and home inspectors.
Easier to spot flaws
The perk to sunny weather is you are going to see a lot more flaws compared to if a home is covered in snow. This could be the roof, foundation, landscaping and more that is all of a sudden clearly exposed. While appraisers and inspectors in Lake Tahoe are used to doing their job in snowy weather, it is nice for your peace of mind to see everything clearly and know that nothing is hiding.
When it comes to contracts and money, things are usually always negotiable. During the busy selling season, another buyer could swoop in and snatch your spot if you pause too long. Offers that are too low, have unique contingencies or over the top requests could get rejected quicker.
The Off Season
During the off season, there is a decrease in homes on the market. Depending on the market, this could be a lot, or it could be only a slight decrease. This has a few perks. There is less competition, and because of that you might find a great deal depending on how much the seller is willing to negotiate. There are a few downfalls though. Bad weather can make it hard to get around if you are not familiar with the area and you don’t always know what things look like under the snow.
Truthfully, the best time to buy is when it is right for you personally. If you have questions about buying real estate in Lake Tahoe, call our office at 530-543-6676 and speak with one of our qualified Lake Tahoe Realtors.