7 Reasons to Shop for a Home This Winter
It’s tempting to pack up the real estate hunt once the summer months have passed. I mean… Everyone knows that summer is the peak buying and selling season, right? Before you stop shopping for your next home or condo in the San Diego area, consider these seven reasons to start or continue your house-hunting into the fall and winter months.
1. Homes are actually cheaper
Two words: “Seasonally adjusted.” This is a phrase commonly used by journalists when reporting on median home prices over time because, like the weather, prices tend to fluctuate in an annual cycle. Why is this? Well the conventional thinking is that parents prefer to buy homes and move while their kids are out of school for the summer months—but, while families with school-age children are estimated to make up nearly a third of all home purchases, there are still a lot of home buyers for whom this isn’t a factor, so it may be a bit of a snowball effect.
The Atlantic, reporting on the research of two London School of Economics professors, goes on to say, “prices vary significantly even in places where summer and winter are tougher to distinguish, such as Los Angeles and San Diego.”
2. Sellers are more motivated
Who wants to deal with showing their home during the holidays? Motivated sellers, that’s who. If a seller has their property on the market during the late fall and winter months, there’s a pretty good chance they’re serious about getting their home sold. It could be a job transfer, a death or divorce, or they may have found the next home they’re moving into but they need to get this one sold first (or any number of other reasons). No matter what the motivation, you can probably bet the seller wants to get their home sold and may be more willing to negotiate.
3. There are fewer buyers
A lot of home buyers take a break from house-hunting once kids are settled into school, the holidays roll around, and the weather isn’t as conducive to home shopping. While it’s true that the inventory may be a little lighter, there are also usually a lot fewer home buyers to compete with.
4. It’s easier to spot certain problems with a home
Is that roof starting to leak? Does water fail to drain away from the home or start to pool around parts of the house or yard? Sure, the San Diego area sees fewer rainy days than most of the country each year—but, when it does rain, it’s an opportunity to look for water intrusion and rain-related issues with your next home.
5. Lenders aren’t as busy
While winter months tend to be slower on the lending side, “branches still stay fully staffed in anticipation of the busier spring and summer. A buyer is almost certainly going to have an easier and more expedited loan approval process,” says Kim Carlson, Branch Manager and Senior Mortgage Consultant with Primary Residential Mortgage, Inc., based in San Diego. “With volumes of business being lower, there could very well be an opportunity to obtain a better rate or lower fees as more companies are trying to earn the business of fewer buyers.”
6. You can enjoy summer travel plans without extra stress
I can’t tell you how many times I’ve had clients make summer travel plans weeks or months in advance only to end up in contract on a home just when they’re about to leave town. In fact, it’s a running joke in the real estate industry that if a listing won’t sell or business is a little slow for an agent, then he or she should just go on vacation because—almost without fail it seems—the phone starts ringing, business picks up, and clients get into contract.
Nothing hangs a cloud over a fun vacation like the stress of waiting to hear back on an offer or getting home inspections done on time. Relax. Enjoy your vacation. Come back feeling refreshed!
7. Buying a home in the winter means planting a garden in the spring
This one might seem silly until you think about it: buying a home in the summer means missing out on an opportunity to plant a garden, change up the greenery, or make a lot of other home improvements until the following year. For many buyers, the excitement of a new home purchase brings with it energy and motivation to start making the home theirs. Purchasing in the winter months gives a new homeowner a chance to get unpacked and settled in just in time to begin sprucing up the landscaping or plotting other home improvements that are ideal for the spring. Plus it’s always a smart move to live in a home for at least a couple months before making big changes.
Originally posted 2016-10-01 14:19:34. Republished by Blog Post Promoter