Summer is over and you still haven’t found a home; should you stop looking now??
Home sales tend to rise along with the temperature. According to Realtor.com, 50% of homes are sold in summer. But if you want to avoid a bidding war; your odds are best when the weather turns colder and the days grow short, says Lawrence Yun, chief economist for the National Association of Realtors.
Buyers looking for a home in winter have less competition and sellers who keep their homes on the market during the winter are often more motivated and willing to make a deal. The downside is that there are fewer homes for sale. That’s because inventory of homes for sale typically starts to decline in September, with the biggest dip around the holidays. Historically, it drops 10% in December, with little improvement in January. Michael Corbett, Trulia’s real estate expert and a bestselling author, is a big fan of the holiday season, what he likes to call “the lull.” He says that savvy home buyers should take advantage of this time if they’re serious about buying. People know they’re going to be busy or traveling during the holidays, so most deals have been wrapped up or people have put off looking until after the New Year.
If you’re considering purchasing a home this winter you’ll want to keep these tips in mind:
1.Limit holiday expenditures
Gift giving is a wonderful expression of your love for your friends and family but even if your credit is in good standing, suddenly racking up a ton of holiday shopping debt will change your debt-to-income ratio and potentially negate your preapproval.
2.Present reasonable offers
The housing market may take a dip in the winter months but that doesn’t necessarily mean sellers are willing to accept low ball offers. Comparative market value is what your agent uses to determine the offer price they suggest; heeding their advice will save you time and energy (you’ll want to save that for moving day!).
3.Pick the right lender
Holiday travel is a common slowing factor in winter real estate transactions. Pick a lender that will stick around until after your sale closes, you should never have to track down your lender to find out if you’ll have a home to spend the holidays.
4.Pick the right real estate agent
Here at Palisade Realty we work year round and are always committed to giving our clients world class service. While we love the holidays, our first priority is our clients and we strive to exceed all of their expectations.
5. Enjoy yourself
Buying a home is a large undertaking and the holidays are a time of hustle and bustle. Both can be very joyful times if you focus on the positive and splendor of the season!
Meet our Palisade Realty Agents and call us to begin your home search today!
Call us at 619-794-0218