‘Tis the season when the leaves are falling, the time is changing, and the real estate market is feeling the holidays. You may notice properties dropping in price, making November, and the following winter months potentially one of the best times of the year to search for a house from sellers who are motivated. If you are already in the midst of looking for a home, or thinking about putting your place up for sale, below are a few things to consider during the process:
Timing and, Flexibility:
You see a house you really like. Now, what questions should you ask your agent, the seller, and yourself?
- How long has this place been on the market? This may help influence negotiations with the seller, and their agent.
- How much have other homes in this area sold for? Check values of sold home in the neighborhood for a comparative analysis to help you confirm if you are getting a good deal.
- Is there another house/ apartment nearby that is around the same price, and has the same square footage? Once you see a place you like, ask your realtor to see a minimum of two more potential places within your budget to better help you decide to make an official offer.
- Are you in a rush to move? Flexibility can be a key factor during this season. Being relaxed about the closing date, and flexible about having any minor wear and tear patched up before moving in can help seal the deal.
Home prices vary throughout the year and are highly based on supply and demand. Summer is a time when more people consider the idea of moving, or searching for a place to buy, and this leads to increased prices on the market. It is a competitive time for both sellers and buyers. In the winter months, things cool down in every sense: The weather, the demand, inventory, and prices.
It’s the busiest time of the year filled with holiday preparations and parties, chilly weather, family visits from out of town, and work deadlines. Considering that these factors during this time of year may take precedence over selling your home, consult with your agent on their opinion about “pushing pause” and listing again after the hectic holiday months.
On the other hand, sellers may also take advantage of the giving season and host an appealing open house event. Make sure to clean and organize your home, set up a self-serve snack area in the kitchen with pamphlets featuring pictures of your home plus the agent’s contact information, and add a touch of holiday spirited decorations to set a jolly mood.
Preparing in advance:
Perhaps you’re not ready to buy this season? Then, now is a good time to get things lined up for the future when you will be. If your credit score needs to improve, debts needs to be paid off, and finances need to be rearranged- these are all prerequisites that when in shape lead to a smoother loan application and purchasing process. Use free credit check websites to review your credit score, evaluate your income, and avoid overspending on gifts and decorations for the upcoming holidays. Create a budget plan and do your best to stick to it. When the day comes to start applying for a mortgage, you’ll be happy you got things organized earlier in time.
This holiday season, and all year round, we gift you with the Power of Yes: Warm up a hot cocoa, sit comfortably in a cozy place, and explore how A&D Mortgage can help you get started on the journey of making your future home dreams become your reality.