While my previous blog post discussed selling a home in Greater Cleveland in the dead of winter, the flip side is: should you purchase a home in the dead of winter, or wait until more homes come on the market in the spring?
The answer lies in your motiviation to buy. Are you primarily interested in getting a better financial deal by obtaining a lower sales price? Are you more interested in a certain location, style of home, condition of home, etc.? Are you in great need of a home due to job or personal reasons?
In general, there are less buyers shopping for homes in the winter, so many sellers are more receptive to negotiating price and terms. Sellers know they will have more competition is a spring market. Since the inventory levels in the Greater Cleveland area remain at record highs, if you cannot find a home you want to purchase, even in the winter, then perhaps waiting until the spring market isn't such a bad idea.
However, if you are looking during the winter and find a home that you really want to buy, it does not necessarily mean it will be on the market for a long time, just because it is winter. Two of our sellers just experienced multiple bid situations --one in November and one in December! We were thrilled for both of them. What we generally tell our buyers is to think hard about whether they want to wait on a house that they really like, because anything can happen--even in the winter!
If you are in need of a home due to a job transfer or another reason that requires you to move in a short time frame, you are obviously motivated and you owe it to yourself to look at as many homes as possible during the winter. Even though the inventory may not be as high as in the spring market, the inventory is still high.
Remember that when you purchase a home in the winter, you may not see the whole picture. For example, there may be snow covering the property, the trees will not have leaves, you may not think to open/close windows, and the air conditioning system cannot be checked during a home inspection. These are just some things to think about when you are looking in the winter. You should request spring and summer photos of a home that you are interested in purchasing, especially if there are special features advertised such as a pool, playground area, lush landscaping, large patio, etc.
Be careful anytime you are purchasing a home and always remember to choose your Realtor wisely...
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Date: 2008-12-11 20:15:49