As we find ourselves closer to the official end of year, we would like to talk about a few issues/trends that effect home buyers this time of year. As a general rule of thumb, the industry tends to experience a reduction in home prices around the holidays. This is mostly attributed to both sellers and agents hitting the panic button due to the overall slow down of showings. The thought process behind the lower price strategy during the winter/holiday months is that it will stimulate showings, and from our experience, it usually does.
With that being said, if you are looking for an amazing “year in clearance” deal, now is the time to capitalize on that opportunity. By and large, the winter season is divided into two parts: pre and post-holiday and real estate buying and selling trends are divided accordingly. As we mentioned earlier, prices tend to drop before and during the holidays due to low showings and overall real estate activity.
However, after the holidays are over and we move into the second half of the winter season, historically February is the 2nd highest volume month for the industry. February experiences an influx of new homes being placed on the market because many home sellers wait until after the holidays and closer to spring to actually put their homes on the market. We recommend that home buyers make the most of this increase of homes and use the law of supply and demand as a way to negotiate a lower price and also enjoy having more options to choose from. Basically, we are suggesting home buyers leverage the fact that because more homes come into the market the closer we get to spring, the more competition the sellers will have and the more leverage will be given to the buyer.
For any buyer that feels like they have left no stone unturned and they have still not found the perfect home for their family, we encourage you to be hopeful and continue your search because in about 60 days, the market will be flooded with new inventory.
If you have yet to find a home in your budget over the last year, we strongly urge you to re-look at the inventory as prices are dropping across the board and you may just find the perfect home at the perfect price during the winter months.
Paige Slyman is an expert in advising both buyers and sellers in the real estate process. Contact him to develop a personalized and strategic real estate approach.
Contact Paige Slyman for all of your real estate needs at 770.405.0100 x 2 or email us at paige@paigeslyman.com