Year End Deals
Now is the time to Buy. This time of year is a great time to buy either a new home or an existing home.
New home sales are typically slow in the last 2 months of the year in southern California. This is due to fewer buyers in the market that are too busy with everything else. Builder’s need to keep their sales engines moving and many have yearly sales projections that need to be met. So, this is a great time to find incentives from the builders. There may also be standing inventory of completed new homes or homes that are in production that have not been sold. Incentives are usually in the form of credits on upgrades, credits for closing costs, extra appliances. You may also see some price reductions on standing inventory. Every builder and community is different. The hot sellers won’t budge. Communities that have slowed down or are near completion will usually deal with you.
For existing homes, this time of year also presents a slowdown in market activity. Fewer homes on the market and buyers sitting on the sidelines until the holidays pass. This is a great time to buy due to a few key factors:
- Less competition between buyers. Not having multiple bidders on a home pushing up prices.
- Homes sit on the market longer and you will see some price reductions.
- Higher likelihood of having a contingent offer accepted.
- Historically, the market heats up early in the year. More homes on the market and more buyers looking. We have seen most price increases in the first half of the year.