As the housing market makes its slow but steady comeback, property appraisers such as Abbe Edelman are busy appraising available homes. The overall house value, or fair market value of a piece of property can depend on the fluctuations of the market and what other similar housing units are going for at the time. During the last quarter, home sales were reportedly up as were home prices. In August of this year prices were up nearly 5% over what they were last year in August. This is actually a substantial increase from what we have seen over the last 5 or 6 years. With home prices staying reasonable, many people are venturing back out and willing to think about purchasing a home again. Many experts say that the best time to purchase a house is in the winter. Here are some pros and cons for buying a house in the winter months.
Winter is a Buyer’s Market
Spring and summer are arguably the most active months for moving real estate and some homeowners will wait for the more pleasant months to put their homes on the market. For those who list their homes on the real estate market in the winter it usually means that there is a reason behind the need to sell. For instance if someone needs to relocate for their job they will need to sell their home. Because there are fewer homes for sell and various types of deadlines that are faced the buyer may have the advantage. Generally, the lack of buyers can pressure sellers in the winter to try even harder to accommodate the buyers who are interested in the property. Buyers are usually under less pressure to purchase the home quickly and the lack of competition gives them plenty of time to think about the purchase. The disadvantage of buying in the winter months is that there may be less property to choose from.
A Different Perspective
When a potential home owner or a property appraiser examines a home in the winter months, they can gain a different perspective. It gives both a chance to see if the heating unit is functioning properly and if there are any drafts coming in from around windows or doors. Traveling to a property in the winter can also give an idea of how accessible it will be during snow storms or rainy periods. Sometimes when shopping for a house in warmer months, weather related problems are not considered.
Agent Availability
When shopping for a new home in the winter it can be a great advantage or a huge disadvantage dealing with an agent. Typically, they will be more accessible and have plenty of time to be concerned with your house buying needs. But there is also a chance that they have scheduled vacations for their typical “off” months. Because agents usually have fewer customers in the winter months, it is likely that the approval and processing times will be much shorter than during their peak season. While agents should be plentiful during the winter months, they simply may not have as large of a selection of houses available during this time of year so it’s likely a potential buyer will have fewer purchasing options.
Lender’s Fees
Not only are lenders more accessible to answer questions and help with the borrowing process to obtain a home in the winter months, some of them also waive fees during the off season as a way to encourage borrowers to use their services. Movers usually have lower rates during the winter months as well. The downside to actually moving in the winter months is that there can be inclement weather that must be endured to get all items moved securely.
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