Spoiler alert: most people don’t like to show up at showings or move in the winter.
Most investors and seasoned home buyers know that winter is the slowest time in the Real Estate market, especially in colder areas of the country like Northeast Indiana. Many of us have attended a showing either as a realtor or prospective buyer in freezing temperatures. With snow and nice on the ground and air that makes your face hurt we have unofficially decided: I’m not doing that again; I will wait until spring.
Is this really the best decision for us in the long run? When we consider that everyone else is probably thinking the same thing, we can come up with several reasons why the coldest, worst weather times may indeed be the best time to get out there and make your Realtor® put on their earmuffs and scarf and set up some showings for you. Here are a just a couple of those reasons.
1. Market demand impacts negotiable sell price
If there are not many people looking to buy or move in the dead of winter, this means there is less competition for the homes that are on the market. As a prospective buyer, use this to your advantage. Some sellers have the luxury of waiting to sell their home until they get the exact offer they are looking for; this is more likely to happen for them in the warmer months when people are more willing to drive around looking at homes and when children are on breaks from school. Other sellers do not have this luxury and need to sell their home as quickly as possible. Be one of those who is willing to brave the cold and see what the market has to offer, you can often find that sell price is much more negotiable at this time.
2. Make the peak moving time for tenants work in your favor.
For the real estate investor, you may be even less likely than a homeowner-buyer to want to get out there in the freezing cold and look at prospective projects and/or rental properties to add to your portfolio. Realtor.com recently posted a blog directed at renters, advising them that winter may be the best time to negotiate your rent with landlords, and why. You can read that blog here http://www.realtor.com/advice/rent/why-right-now-is-prime-time-for-negotiating-rent/ . I suggest using this advice and the market demand conditions in your favor. Look to buy your next investment property now, start those renovation projects and be ready to rent to a tenant when the weather breaks and there are plenty to choose from. This provides an opportunity to save a little on purchase price while allowing time for updates and repairs before putting the property on the resale or rental market.
Jerry Morrow Realtor® is ready to show and sell homes in absolutely any weather. Give him a call to see what’s on the market and how the cold weather can help you come out financially ahead on your next real estate deal! He also has a great set of earmuffs.