Contrary to popular belief there is a best and worst time to invest in real estate, and as luck would have it, the best time to invest in real estate is coming up really quick in the next month. Due to many factors, which we’ll explore in detail, Winter is the best time for hungry homebuyers to jump into the real estate market. Why the Winter over the other seasons and months of the year? Let’s take a closer look.
COMPETITION AND LONGER TIME ON THE MARKET
Although there will be significantly less units on the market during the Winter, the ones that are are competing fiercely against one another to get sold as the Winter is the slowest time of year for home selling. Because of this, some sellers will smartly take their homes off the market to avoid giving homebuyers the impression that there is something wrong with the house because of how long it has been on the market. Those who keep them up become pressured by potential buyers for a deal as they can use the long market time to their advantage and get a deal on a great home.
In the same vein, those who keep their houses on the market and not know about the Winter slump, will feel the need to steadily reduce the price of their home in order to get it sold. Savvy buyers can identify these homes and strike when the time is right, using the seller’s desperation to get the best deal on the house as possible, thus having the upper hand in any real estate transaction that they pursue.
“THE RARE BUYER”
With very few buyers on the market, you stand out as a diamond in the rough to a seller who is eager to sell before the end of the year. The deal that you put on the table is more than likely to be accepted than for the seller to reject your offer and wait for someone better to come along, if someone comes along at all.
LESS THAN OPTIMAL CONDITIONS
It’s common knowledge that moving is a less than desirable task, but very few people are willing to pack up their things and move to a new home in the dead of Winter or around the times of the holidays. Thus, there are very few buyers who are looking to close a deal, much less go house hunting in freezing temperatures. The timing for families is also not right which removes them from the competition as they may have school aged children who need to complete their school year before the family can begin searching for a new home.
So what are you waiting for? If you’re in search for a new home, the time to start is now.