As a real estate professional, I am asked continually about timing. When is the best time to buy? When is the best time to sell? No matter what time of year, there are pros and cons with what the market is doing. Market conditions can vary week to week, month to month, and for certain season to season. With our feet firmly planted in the fall market, I wanted to highlight some great things about being a buyer right now in our current market…(in no particular order):
1. No snow on the ground – you can see the defects! Often the winter snow covers things up like foundation cracks, shingles, decks, yard, driveways, other concrete work etc.
2. Good Deals. The fall market has softened from the busy summer months. Bidding wars are fewer and far between, and prices aren’t going as much over list as they did. Inventory levels remain solid explaining the shift to more balanced market, which means more selection for the buyer.
3. Avoiding the spring market. Let’s face it, spring sees a flurry of action in the real estate market. Usually inventory levels are down in spring which drives competition. Currently, buyers can be a bit more selective and more
4. Great interest rates. Plain and simple, rates are low which means your monthly payments are lower.
5. Better rates for moving companies. The winter months are lean for many industries, with moving companies being one of them. Take advantage of lower prices and easier booking.
6. A buyer can be more thorough. With less competition, a buyer has a greater chance of actually writing an offer conditional upon a home inspection, financing, property disclosure statements, amongst others.
7. Possession can still be before Christmas. This isn’t true for all sales, but many still have possession dates being before the new year. Nothing is better than spending Christmas in a new home…think of the parties!!!
8. More motivated sellers. In the fall and winter months, many of the sellers are motivated. They simply aren’t trying to make a quick buck, but are selling because they have to. This allows the buyer to negotiate a better price and structure a deal on their terms.
9. Transferring your kids to a different schools are easier this time of year. The systems are in place, bus counts are known, therefore it’s quick and easy to fit your child(ren) into the system.
10. Quick equity increase potential. The key word here is potential. If you are purchasing this fall/winter, there is a good chance spring will yield another increase in prices, which means more (and quicker) equity for you. I can’t stress this enough, I am not a fortune teller and cannot predict the future. However, I can look at statistics and tell you that prices tend to climb in Spring.
If there are any further questions or comments, I’m happy to help!