Real Estate Information Archive

When is the best time of the year to buy a home?

“When is the best time of the year to buy a home?” is probably the most frequently asked question that I receive. There are many factors to consider when answering this question. Do you want to best deal? Do you want to make the move the easiest for your family? Do you mind doing a little work to the property? In Central Maryland, where I primarily work in selling residential real estate, I consider myself an expert at answering this question.

It is my opinion that buying a home in November, December, January, or February provides the greatest opportunity for the best deal. Usually, if someone is selling in that timeframe, they are selling for a reason, intimating a sense of urgency.  Who really wants to move during the holidays and cold weather, anyway?  Estate sales, divorce sales, short sales, and REOs (bank owned properties) can be good options during this time. These properties often require work and the inventory can be light in comparison to the Spring but offer the best potential value.  Bottom line… if you are willing to make compromises, you could end up with the best deals!

Frank Davis Jr.

About Frank Davis Jr.

Frank Davis Jr. is a Mega Agent and Co-Owner/Founder of Keller Williams Select Realtors in Ellicott City, Maryland – selling residential real estate in Central Maryland. Licensed since 1999 and coming from a construction background, Frank has worked on countless rehab projects, short sales, REO’s and multi-million dollar deals!!

Frank@TheDavisTeam.com

A short sale is a complex real estate transaction where the lenders agree to allow a homeowner to sell their property for less than the amount owed on the property. In other words, it is like a normal real estate sale, with a buyer and a seller, but in a short sale the contract between the buyer and the seller is subject to the third party approval of the lender(s) or mortgage servicer(s) of the outstanding loan(s). The reason the real estate transaction is subject to the third party approval of the lender is because in a short sale the lender must agree to write off or take a loss on the portion of a mortgage that is higher than the value of the home.

A short sale is a difficult residential real estate transaction to manage and get approved by the lender. It involves almost as much paperwork as it took to obtain the mortgage itself, and generally requires the homeowner to prove a financial hardship as to why the short sale should be approved. Not all lenders will accept short sales or to write off any portion of a mortgage. Often lenders are not satisfied with the payoff in the contract between the buyer and seller so there is much negotiation between the parties. The paperwork involved in a short sale is unique and each lender often has different procedures in place for handling short sales.