Source: trulia.com | Re-Post Houterloot 11/16/2017 –
Planning on buying in the off-season? Arm yourself with strategies from the pros.
Rainy open houses and icy walkways make shopping for a home in winter less of a thrill than in the busy spring and summer months. But there are some distinct advantages (as well as some downsides) to shopping in the offseason. If you’re thinking of buying a home in the next few months, you’re probably wondering what to expect from this year’s winter real estate market. One thing is for sure: Taking your high-season strategies into a low-season game will not serve you well. Here’s what you need to know to adjust your thinking to this winter’s realities.
7 Essential Truths About the Winter Real Estate Market
1. It’s slim pickings out there.
There are fewer homes on the market in winter than at other times of the year. And in cities where winter means lots of snow and ice, the decrease is even more dramatic. In Denver, for instance, there are only about one-third as many homes for sale in winter as in spring or summer, says Denver real estate agent Jani Bielenberg of Bielenberg & Associates.
And this year, the inventory crunch is even worse. Home inventory is now at a post-recession low, down 9.1 percent nationally in the third quarter compared to a year ago, according to Trulia’s research. And this winter isn’t shaping up to break the trend, so buyers in many markets should be prepared for slimmer pickings. If you’re committed to buying this winter, it may be time to widen your idea of what your dream home looks like or which block it’s on.