Benefits to buying a home in the summer
STATEWIDE (WGME) -- Spring is a hot time of year to buy a home, but there are some benefits to waiting until the summer.
Tom Landry at Benchmark Residential and Investment Real Estate says skipping the spring frenzy could give buyers more time and save them money.
"You have a lot of inventory and fewer buyers competing with you," he says.
That means you could avoid a bidding war, something Landry says has become common in the current real estate market.
"It's not what can we get it for, it's how much over, that was the feeding frenzy of the spring" says Landry, "Now actually you may be the only buyer looking at it, so you can make a much more informed decision, you can take your time and evaluate that, maybe you can negotiate, where a month ago you couldn't."
Landry says sellers might be more motivated this time of year, especially if they listed their homes too high in the spring.
"When something doesn't go into contract in the first few weeks in a hot market, it starts to get stigmatized, so sometimes this time of year sellers can start taking major price drops," Landry says.
Even if the house seems slightly out of your price range, Landry still suggests making an aggressive offer.
"There's a sense of urgency and I think much more motivation with sellers in the summer months like this.
According to real estate website Trulia, home prices drop from May through October. If you can wait until late August, you could find a good deal when 14% of listings get a price cut.