If the spring and summer is the peak of the market, winter is the bottom. There are however, 4 reasons you should look for a home in December.
Most home sales occur during the months of June, July, and August and there is a reason. Most families prefer to move during these months taking advantage of the summer vacation and getting their kids settled before starting the new school year.
An article published by the Atlantic Magazine stated that “A home’s selling price typically varies throughout the course of the year by 5 to 7 percent on average. These fluctuations, as erratic as they seem, actually occur very predictably: The cost of a home is higher in the summer than in the winter.”
If you are willing to brave the elements, December might just be the best time to find your deal on a home for less money than what you’d pay in May.
Why is that? Here are 4 reasons why you should get your winter boots on and get busy and look for a home in December.
4 Reasons to Look for a Home in December
Most people are not thinking about shopping for a home in December. The majority are spending time Holiday shopping, making their gift lists, attending events, etc.
The result? There’s not as many buyers out there competing for the same home as in the spring and summer. There are deals to be found for savvy shoppers.
“A seller who’s looking to move a piece of real estate during the holidays is a seller who needs to sell, because nobody in their right mind would pick that as the most convenient time to list their property,” states Tim Deihl, associate broker at Gibson Sotheby’s International Realty in Boston in an interview with Bankrate.com
Homes always look nicer in the spring and summer. Everything is looking green, the flowers are blooming, and the landscaping is looking nice.
But what does the home look like in winter? How well is the furnace working, are there cold drafts as you walk through the house, are the window seals looking tight, is there frost on the inside of the windows, etc. Winter is a great time to have a building inspection and see how your potential home handles the cold, wind, and snowy conditions.
Despite “expert’s” predictions mortgage rates continue to stay in the historical low ranges. The graphic below will show what interest rates have been through the decades and how there’s a reason for potential home buyers to be happy now while rates are hovering at just 4 percent.
If you’re the type of shopper that needs to try on 12 pairs of shoes before purchasing, shopping could be a challenge. The selection isn’t as great as in the warmer months. However, if you’re adventurous and a treasure hunter at heart, this could be a great time to find a deal with sellers who are more open and motivated than any other time of the year.
How to Use Your Smartphone to Find Price Changes in the St Louis Real Estate Market
Take advantage of our mobile application and see all recent price changes in the local market. Click here for the app and check out how it works in the video below:
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