If your company is transferring you, or you’ve decided it’s time to make a fresh start elsewhere, you’ll be among the thousands of Americans who begin searching for a new property at this time of year.
For the most part, only serious buyers check out the real estate scene in winter. The tire-kickers who waste everyone’s time usually restrict themselves to cruising the market in the warmer months.
So, you can be reasonably confident that if you find yourself in a competitive situation for a home, you may need to up your offer to win the property.
These are the characteristics of a winter real estate market, including its advantages and challenges.
Select choice
It’s true that most sellers prefer to sell in spring and summer because they believe they’ll find more buyers and achieve a better price. That’s a myth because there’s no wrong time to sell and buy real estate.
Motivated sellers
While the choice may be reduced, you’ll find motivated sellers and fewer buyers. This strengthens your negotiation position and helps reduce the time you’ll need to find a new home.
Value equation
With demand falling in winter, you may see sellers mark their homes more competitively.
Sweet deals
Occasionally, you’ll find a home for sale that’s been on the market since summer and failed to find a buyer. Don’t assume there’s something wrong with the property. Perhaps it was priced too ambitiously. There’s always a chance you turn up at the right time to make a deal.
Revealing moment
Winter is also a time when buyers will focus on the essential elements of a home, such as the HVAC and insulation in the ceiling and around windows and doors.
Natural light
It can be difficult to gauge how much natural light fills a home you’re viewing it in the middle of winter. So, a certain amount of imagination may be required. Don’t mark it down unfairly for lacking natural light.
Curve-ball
Don’t forget that professional services and your lender will not always be available when needed if you’re buying in the Holiday Season. So, build this into your buying plan to avoid unnecessary delays and stress.