Seasonality has more impact on the housing market than many people estimate. If you’re looking to get a leg up on the competition, demand typically declines in the colder seasons, making it the perfect time to take advantage of a motivated seller. But that’s not the only factor determining property demand and pricing during this time of year. Learn about the key factors affecting the winter real estate market here.
If a buyer is willing to trek out in the winter weather to view an open house, they’re ready to buy. People who make a real effort to house hunt this time of year either have to move or they know that there will be less competition and more supply. Sellers are also highly motivated to sell for the same reason, which gives buyers an upper hand. This low demand period can offer buyers the better potential for negotiating the price and conditions as there likely won’t be many other offers to contend with.
The winter season is often slower for moving companies than the warmer months. The logistics are also simplified as you’re not competing with hundreds of other people to get the date and time you want. You might even be able to negotiate a lower price on everything from the rate to supplies and even storage.
In the warmer months your lender, mortgage broker, and lawyers can get very busy with other clients, which can be incredibly frustrating. During the wintertime things really slow down for them, which can help to ensure that you get the attention you deserve for your deal to close on time and without any hassles.
Sales can be sluggish for new builds in the winter months, which makes it the perfect time to buy a new home or a quick possession model. Developers will, in fact, offer some of their best promotions during this time of year, so you might be able to take advantage of some free upgrades or add a few extras for a fraction of the cost.
There are a few things that can’t be easily done during the winter months when there are snow and ice. Builders do not typically create driveways, build concrete stairs, install fencing, paint the exterior, or slant the landscaping to drain water away during the winter months. This doesn’t necessarily mean you can’t move in. As long as the home is finished and passes inspection, you should be good to go. But it does mean that you might have to wait till the spring to have the finishing touches done on your home.
Looking to understand how to take advantage of the winter season? Reach out to us at Medallion Capital Group. Whether you’re a developer looking to develop properties through the winter, or you’re looking to sell or purchase a property, we can help. Regardless of the size of your investment, we have the right team for your needs. Medallion Capital specializes in property development, residential and commercial mortgages, property management, and we also have an in-house real estate agent to work out any deals. Learn more about our services and how we can help you today.