Strategies For Home Buyers
When is the best time to buy a home in Ashland, Ohio?
Thinking about moving? Before you decide to wait until warmer temperatures, think again! While Ashland, Ohio promises frigid temperatures in the winter, it also brings some advantages when it comes to the housing market.
Buying a home is not only a daunting task but it is becoming a very expensive one at that. With interest rates and inflation still higher than desired, it is harder to own a home than ever before. However, there is a way for Ohio homebuyers to get a good deal and that is to house hunt during the off-peak months. Looking at price alone, over the past 5 years the median central Ohio home price during the colder months averaged $130,630 compared to the summer months which sold at $156,201. The average price per square foot drops as well from $96.81 in the summer to $82.36 in the winter. There are other advantages when buying a home in off-peak months – these benefits include:
- Faster close dates: Move into your new home quicker as deals are more likely to close early due to lenders, appraisers and title companies not being as busy.
- Motivated sellers: Brush up on your negotiation skills because homes sold in the winter received roughly 91% of the original asking price compared to 94% in the summer months.
- Property evaluation: Living in Ohio, dealing with cold is common in the off-peak months. Viewing your home during this time can help you assess how the property will handle these conditions.
- Less competition: With fewer houses on the market, there is less pressure to make a quick decision when you find a home you like. In fact, homes are on the market for an average of 94 days in the winter versus 68 days in the summer months.
Though many of the statistics are based on home prices, raw land is also cheaper during the colder months for similar reasons. There are numerous reasons to consider buying a home during the off-peak months, especially if you are a first-time home buyer and don’t have to worry about the hassle of selling your previous home.
A key decision criterion for buying a new home is if you can afford it. While you may have the desire for yard space, more bedrooms, and a dream kitchen, all of that takes planning and financial stability. If buying a home is in your future and aren’t sure you have the funds to get the house you want, give our office a call and we can help you plan for your future.
Disclaimer: Crosby Advisory Group, LLC provides financial planning, business growth strategies and Insurance protection. CAG is a registered investment advisor. Investing involves risk including the potential loss of principal. Consider all risks before investing.
