Four Tips for Buying a Home During the Winter Months

November 25, 2010 at 6:32 pm Leave a comment

by Maria Hass

1. Sales on homes usually slow down between November andFebruary. Many homebuyers postpone their house hunting efforts to prepare for the holidays. If you are making an offer on a house during this time, you’ll find less competition, thereby increasing your negotiating power. If the home you are making an offer on has been on the market for quite a while without competing offers, it won’t hurt you to bid lower.

2. If you are buying a bank-owned property, which is likely in Arizona, banks are motivated to successfully close their files before the end of the year. These banks may allow flexibility in their guidelines and expedite the process.

3. Applications for mortgage loans also slow down in the winter. Lenders will have more time to devote to your loan application, which eventually could lead to a quicker and smoother closing.

4. The supply of homes continues to rise in the winter due to ongoing foreclosures and short sales. However, the demand slows down. With low demand and a high inventory of homes, the prices go down. This makes it more affordable to buy a home and home buyers that brave the winter can get a great deal on a home.

Winter is a great time to buy a home. The prices of homes drop due to low demand and buyers can negotiate on the price more aggressively with less competition. This all sums up to a great opportunity for the prospective home buyer!

Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate, Real Estate Deals. Tags: , , , .

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