It’s no secret that the housing market has been on fire over the last year or so. The current market has been great for sellers, but it has made things a bit more challenging for those who are seeking to make a purchase.
If you are in the market for a new home, then you may be wondering when exactly things will begin to cool off. Like thousands of other prospective buyers, you have likely heard the old adage that home sales slow down in January. But is there any truth to this bit of wisdom?
Fortunately, there is. Despite the fact that the current housing market is seeing historic levels of activity, buying in the winter has several advantages.
If you are concerned about the current housing market, then you may want to table your aspirations of homeownership until January. Here is why:
Bad Weather May Cool Down the Market
Traditionally, home sales are highest in the summer. This comes as no surprise as most properties look their best during the warmer months. When a buyer arrives to view a house, they are greeted by a manicured lawn, healthy trees, and vibrant flowers.
On the other hand, snow, ice, and cold winter weather can drastically diminish a home’s curb appeal.
While you won’t get to see a home at its best during the winter, viewing properties during inclement weather can work to your advantage. You can see how the home holds up against heavy snowfall and other bad weather.
Buying in January will give you a chance to spot leaks, icy spots on driveways, and other concerns.
You Might Be Able to Avoid a Bidding War
One of the most frustrating experiences for a potential buyer is to find a home you love, only to be outbid at the last minute. While bidding wars can still happen in January, the market is often a bit calmer. This means that sellers might receive fewer bids over asking price.
You are also less likely to lose out on a home once you set your sights on it. With that being said, it is important to commit to a property once you have found your dream home. Even in a slower market, great properties don’t last. Get Pre-Approved Today!
Moving Companies May Have Lower Rates
The housing market is not the only thing that slows down in January. Many moving companies have less business during the winter months as well. This means that you might be able to pay someone else to move that massive sectional or 50-year-old armoire!
When you’re looking for a moving company, make sure to shop around and read consumer reviews. Find the best combination of value and service. Remember, cheapest isn’t always best, especially when you are entrusting someone with all of your treasured possessions.
If you are looking to save money, avoid bidding wars, and have a smoother buying experience, then the new year might be the perfect time to start home shopping.
This article is for information, illustrative and entertainment purposes only and does not purport to show actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular investment action. If you are interested in financing a California home, click here.