How To Buy A House For Less
Time is Money
But don’t panic: nice deals can be had in March, as well.
But beyond these seasonal factors, there are other conditions that make the second and third months of this year buyer-friendly.
First, the recent uptick in interest rates has priced some potential buyers out of the market. Second, uncertainty currently exists about the real estate market and overall economy, as the new administration takes over.
Third, “We typically see an uptick in the distressed share of sales seasonally early in the year,” says Blomquist. “After the holidays are over, banks – much more so than other buyers – are interested in unloading their inventory of distressed properties quickly. This provides a higher share of discounted properties on the market during this time of year.”
“In this strong seller’s market, buyers need every advantage they can get,” Blomquist notes. “Going against the grain to buy when few others are buying is one way to gain at least a slight advantage.”
To land the best bargains this late winter and early spring, you’ll need to hustle. Beat the spring crowd by hunting for homes early and making an offer somewhat quickly – after you’ve done your homework, that is. And tough out the elements, despite weather challenges that occur this time of year.
“Also, be willing to consider distressed sales. That could mean going to a foreclosure auction, which is often called a trustee’s sale or sheriff’s sale,” says Blomquist. “This may seem intimidating, as you are typically bidding against real estate investors, but it can be done.”
Lastly, look at bank-owned properties that may not be in mint condition, but which may sell at discounted prices, he suggests.
If you’re wondering how to buy a house in the wintry months, be happy that the mortgage market is also still cool. Current mortgage rates are still low — yet another reason to buy before the weather and the competition for homes heats up.
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