Real estate is all about the spring market. Between March and July it’s full speed ahead and come the beginning of the school year, if you haven’t made your move, your time is up. Right?
Despite popular belief, the winter can be the perfect time to buy. Why? Because almost nobody is paying attention to housing.
Take a look at the following chart:
Throughout the year, the number of buyers can ebb and flow dramatically, but inventory is far less volatile.
The median price can increase by tens of thousands of dollars just in the couple month time frame between the beginning of the year to the most competitive time of the spring market.
And lastly, take a look at this:
As you can see, the pressure to sell gets greater later in the year, causing sellers to compromise for greater discounts just to get the transaction over with.
All of this to say, buying during the winter can be an incredible strategy if you’re looking to get a good deal.
We find that people are hesitant to tackle a home purchase during the winter. And while a lot of that is just due to the nature of the season (who has time to buy a house when you can barely find time to buy your Christmas presents??), people often hesitate just because they don’t think they’ll have options during this time of the year. Which, as the inventory graph suggests, just isn’t true.
Don’t be scared of the winter market! Inventory is relatively stable, regardless of the time of year, and you can often leverage the fact that sellers are impatient and willing to compromise on price just to get their sale completed before the holidays or the new year.
So if this is your game plan, now is the time to start looking! We recommend allowing a couple months to get a feel for your options before making a purchase. So start now, and you may just be able to celebrate the holidays in your new home.