The winter months offer three opportunities:
1. Lowest Sales Prices of the Year
2. Less Competition = More Opportunity
3. More Negotiation Room
Attom Data performed an eight-year study on 33 million single-family homes and condos nationwide. The study revealed October homebuyers pay a 2.9% premium while May homebuyers pay an 11.5% premium. In the Birmingham Business Journal, Andy Medici further reported, “the four-month stretch between October and January is the best time of the year to make a purchase, the best day of the year is Dec. 5 — when buyers have paid just a 1.5% premium over the home’s value.” And “the second-best day to close on a home was Dec. 26, when buyers paid a 2% premium, followed by Jan. 6, with a 2.2% premium and then Nov. 9, with a 2.3% premium.”
This is great news for homebuyers who persevere through the holiday season, when so many take a break. If you are waiting until spring to resume a home search, you might miss the chance to gain an edge in today’s marketplace. With less buyers looking, there are less offers to compete with. That means your offer may get accepted with friendlier terms compared to spring. In recent years home inspections and financing contingencies are less attractive to sellers, but with houses staying on the market a tiny bit longer sellers are more negotiable.
Don’t wait for the 11.5% premium in May, resume your spring search today.
Real estate isn’t simply buying a home you have feelings for; it’s one of the largest financial, physical, and mental investments of your lifetime. I’m here to provide you with the best information and people for a smooth process and potential return on your investment. If you have questions, call me today at (205) 612-9432, or visit https://www.raypoynor.com/agent/christen-crosby/