If you’ve been dreaming of owning your very own beach home, now might just be the perfect time to make that dream a reality. Contrary to popular belief, fall isn’t just about football and pumpkin spice lattes; it’s also an excellent season to snag a fantastic beach property. Here’s why.
1. The Summer Season is Over, and Owners are Ready to Sell
Picture this: Homeowners of beach homes have capitalized on the summer season themselves, but as the temperatures start to dip, many of them start thinking about selling. Why? Well they don’t want to have to incur expenses for the home during the winter and early spring months when they likely aren’t using the home at all. As a buyer, you will have to plan for extra holding cost between now and the next rental season, but it can be worth it for the right deal.
2. The Real Estate Market’s Inventory Dilemma
You’ve probably heard that the real estate market is currently suffering from a shortage of available properties, largely due to high-interest rates. But don’t let that discourage you. Beach properties often belong to a unique category. Since they’re secondary homes for most owners, these owners may not be looking for another property or they will want to roll the cash from this sales into another property and will need little to no financing to do so.
3. Go Off the Beaten Path for Deals
Want to get creative and find those hidden gems? Consider going off-market. Write letters to the owners of houses that pique your interest. You’d be surprised how many people are toying with the idea of selling but just don’t want to go through the hassle of listing their property. Your inquiry might come at just the right time for them.
4. Variety in Sellers and Motivations
Beach property owners come in all shapes and sizes. Some might have recently discovered that maintaining or renting out a vacation home is more work than they bargained for. Others might have experienced a change in circumstances, making them more open to selling. And then there are those who bought their beachfront haven years ago, have it paid off, and are ready to cash in on their investment. The variety in seller motivations can be your golden ticket to finding the right deal.
5. Creative Financing Opportunities
While I won’t dive deep into financing here (that’s a whole separate blog post), it’s worth mentioning that fall is also an excellent time to explore creative financing options. With lower competition in the market, lenders may be more willing to work with you to secure that dream beach property.
In a nutshell, if you’ve been eyeing that beachfront dream for a while, fall could be the perfect time to make your move. Owners are transitioning out of vacation mode, inventory challenges in the market don’t affect beach properties as severely, and you have the opportunity to get creative with your approach, from finding off-market deals to exploring flexible financing. So, grab your favorite fall beverage, start drafting those letters to potential sellers, and get ready to find your beachfront bliss. The shore is calling, and it could soon be calling you home.
