Real Estate in the Winter

Many people think the idea of buying or selling real estate during Winter is a crazy idea.  This is especially true if you live in a Colorado mountain town like myself.  I have had this conversation several times recently with clients and so I thought it would be helpful to share some insight to what the actual experience looks like to buy or sell during the Winter months.

If you are considering selling during the Winter, here are a couple tips to keep in mind:

1. Inventory is generally lower.  As we study history of the market it is almost always going to show that inventory levels are the lowest during the Winter months.  This is good for sellers because they will likely attract more buyers and be able to market their property at top dollar.
2. Buyers who are shopping in the Winter are serious.  Unlike other times of the year where a casual Saturday might consist of popping into some Open Houses around town just because, that is not the case in Winter.  Folks who are out in the conditions looking at property are serious about buying and want to find their property to purchase today.

If you are considering buying during the Winter, here are a couple tips to keep in mind:

1. Interest rates are on the rise.  You have probably seen over the last 30 days that The Fed has raised the prime rate for mortgage loans and many analysts are predicting this to happen 2-3 more times in 2017.  With this being said the buyers purchasing power is going to start to decrease based on what they can afford with increasing rates.  Basically if you are considering purchasing, it might be better to get it done with now before another increase in rates.
2. Snow covers up landscaping.  This seems like a dumb thing to mention but imagine buying a property with a huge back yard that you are very excited for in January but come April when the snow disappears you have nothing more than a hard packed dirt area that you thought was going to be lush green grass.  Ask your realtor or seller if there is a way to see some photos of the property from the Summer time to be certain.
3. Have a plan to transport your belongings after you close.  Again this seems like common sense but make sure to line up an enclosed truck or trailer to protect your belongings on moving day.

I hope you find this article helpful and if you are considering buying or selling during the Winter you are now more confident about that decision.  Whether you are considering buying or selling, please feel free to contact me anytime to discuss your goals and we will personalize a strategy that fits your situation and get to work to accomplish those goals.

Have a Happy 2017!