When looking for a home, there are some portions of the year that are more favorable to buyers than others. In general, the winter months tend to be better for those looking for a deal while the spring and summer months are when sellers generally have the upper hand. Let’s take a look at why this is and how you can get a great deal regardless of when you buy your next home.
Why the Winter Months Are Slower Than Others
The winter months tend to be slow in the real estate industry for a variety of reasons. During January and February, the cold and snow keeps potential buyers from looking at homes as they would rather stay home as opposed to dealing with poor road conditions. In addition, the bad weather makes it difficult to show off the home’s true curb appeal as icy sidewalks and mountains of dirty snow near the driveway are all the buyer will see.
To entice buyers, sellers may use a variety of tactics to make their homes more appealing. In some cases, you may be able to get a seller to include appliances or other items already in the home. Sellers may also offer gift cards or other small rewards for those who close before a certain date. When combined with the potential of getting a home for under list price, shopping during the winter months can be to your benefit.
Reasons for Increased Demand During the Spring and Summer
The spring months are busy as this is the first opportunity for many sellers to truly showcase their homes. They can landscape, do exterior work and entice buyers with all that sunlight coming through the giant bay windows. During the summer, buyers and sellers may have extra time off, which can be used to get their homes ready for sale or search for homes on the market.
While an increase in demand may be good for sellers, the increased inventory is better for buyers. With more homes to choose from, a buyer can be more discerning when it comes to buying a home. If there are multiple offers on one house a buyer wants, all he or she has to do is wait until tomorrow when another great home comes on the market.
Getting the Best Deals During the Busy Season
During this time of year, it may be best to target homes sold by owners who need to be out of their homes quickly. If you know that a buyer needs to be settled in before his or her kids start school or needs to sell before closing on their next property, you can get the best price and terms.
You should get financing ahead of time or prepare to make a cash offer if you want to ensure that your offer will be accepted. Having the cash before you make an offer ensures that the deal won’t fall apart, and you won’t waste anyone’s time in what may already be a lengthy closing process.
While you can get a good deal throughout the year, the best time to get a great deal is during the winter. When demand is low, sellers are going to do whatever it takes to make sure that you are willing to close on a deal quickly.
Tulsa Property Managers is a Jenks property management company offering professional property and real estate management, consulting and sales services throughout the Jenks and Broken Arrow, Oklahoma area.