Peak season is upon us! As our clients prepare to go to battle in the busy season, we are hear to ensure that you have guidance every step of the way! In today's article, we are going to use a real case study - one of our favorite clients (and one of the newest members of the team), Brent and Michelle's multiunit purchase in the vibrant Temescal neighborhood of Oakland.
As a buyer looking for a new place to call home, the trick is to realize when you have a property in front of you that makes sense to jump on. For Brent and Michelle, the property was a vacant 4-unit building on Shattuck Ave in one of the best parts of Oakland. After touring the property, we all knew that the deal was a great one and perfect for their short and long-term goals. To top it off, it qualified for an FHA loan 🤗
To the important part of Peak Season, there are three main approaches, each with their own pros and cons.
1) Buy before it starts - avoid the crowds!
2) In season - everyone is looking and inventory is at its highs (but all the shoppers come out too)
3) After - clearance sales after the mayhem (the school year has already started though...)
Brent and Michelle track the market closely and decided to buy before the peak season so that they could leverage the summer season for leasing up the units and avoid the slower winter season (no one likes to move in to a unit on Thanksgiving weekend). Other clients prefer to buy during the peak season as the inventory tends to be the highest compared to other times during the year (and it is typically one of the easiest times for buyers/sellers to move and get any work done on the property before the winter months). And for those looking to buy after the peak season, the inventory tends to be the leftovers from the peak season (sometimes at a discount after months of not selling). But, and this is a huge but, it typically is the least convenient time for new buyers to move and perform work on the property.