The winter season typically brings lots with it: holidays, celebrations and festivities. It’s not known for being a hugely active time for the homebuying market, though the tides could be turning for that trend in 2024. If you are in the market this winter, you might want to buy or sell or simply stay put.
Blake Blahut, Realty ONE Group agent, said he tries to help clients keep in mind that buying or selling a home are “life events” and should be treated as such.
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“Events such as a growing family and the need for additional space, a career change that may require them in the office more often, then creating the need to locate closer to the position,” Blahut explained. “Other life events such as downsizing or the unfortunate family death, where it might make it hard to maintain that home and its expenses.”
Blahut shared that it is not always about “timing the market” to the best rate or economic conditions when determining whether to buy or sell, but if an aspect in you or your family’s lives creates the need for a move.
Here are a few helpful tips to navigate the home buying field during the cold season.
Maximizing Opportunities Despite Winter Slowdowns
Interested buyers can benefit from less competition and potentially lower prices, while sellers who stay active in the market can attract serious buyers. Despite the seasonal shift into a slower gear, this combination of conditions creates opportunities for both sides to achieve outcomes that will make the two parties very satisfied.
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Weathering Winter Conditions
Winter weather can impact everything related to the home market, including curb appeal and home inspections. Preparing for these conditions and knowing how to navigate them can help ensure a smoother transaction for both buyers and sellers. Make sure you are prepared for a sudden change in atmospheric conditions and double check the forecast.
Holiday Timing and Decision Making
The holiday season brings a slower pace to the market, but that doesn’t mean it’s a bad time to buy or sell. In fact, those looking to close deals before the end of the year can take advantage of motivated buyers and sellers. This, contrary to popular belief, makes winter a fantastic time to make real estate moves.
Scott Orich, agent at Flyhomes, is of the mindset that there are countless ways to look at this seasonal real estate question.
“Some people swear that winter is the best time to sell because there’s less inventory on the market. Others argue that winter is the ideal time to buy, as there’s typically less competition,” Orich said. “But one thing is certain: seasonality isn’t what it used to be. Take inventory trends, for instance. Inventory used to peak in late summer, but now we’re seeing it grow well into October. People buy and sell year-around these days.”
“It is always important to not only factor in interest rates, time of the year, market competition and conditions, but also major life events and one’s financial outlook that you may want to get ahead of,” Blahut added.
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This article originally appeared on GOBankingRates.com: Navigating the Winter Home Market: Should You Buy or Sell?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
