Why winter is the best time to buy in a hot real estate market.
Our spring and summer markets have been white-hot. Buyers are looking for homes, and sellers are looking for top dollar. This has led a lot of people to ask me, “When is the coolest time to buy in a hot market?” Today I want to answer that question.
The underlying factors for our crazy market are still present. We have low inventory and high demand, leading to buyer competition. However, winter is typically the coolest season for the real estate market. Sellers want to have everything taken care of before the cold weather and holidays, so they are more motivated than usual. Buyers will be motivated too, but it will still be a more balanced market than we’ve seen recently.
Moving is easier in the winter as well. Deals usually close quicker, and it’s easier to hire movers. As the market cools, every role typically involved in a sale will be less busy, meaning they’ll have more time to focus on your transaction.
Knowing that sellers will be more motivated this winter, what can you do to prepare as a buyer? There are some factors you need to consider before being ready to buy. What is your price range? How much do you have for a down payment? What do interest rates look like? What will your loan look like? As a rule of thumb, there is no rule of thumb for financing your home. Every situation is unique, so be prepared.
There’s a set process you can go through to be ready to buy this winter. If you would like my help, please give me a call or send me an email. I am always willing to help.