Many people prefer to buy homes in spring and summer. Buyers can do walkthroughs in comfortable weather and see the home in bright, sunny conditions. These months also tend to have higher inventory. However, there are advantages to buying a home in winter. Reduced purchasing activity tends to lean the market in the favor of buyers.
But how do you take full advantage of winter homebuying? Read on for a few tips!
Tennessee Real Estate Market Watch
The median home sale price in Tennessee during October 2023 was $371,900. However, real estate data is always changing. Contact the Title Group of Tennessee for title services when buying and selling homes in Tennessee.
The first tip is to wait for the winter weather to set in. In most places, the pricing trends dip with the temperatures. That means you should aim for the lowest prices from late December through early February.
Most sellers know the market is better for them in spring and summer than in winter. That means something is likely motivating them to sell at a less-than-optimal time. They may need to move for a job, or a sudden family event made selling necessary. It could be a home they listed earlier and didn’t sell. Knowing you have a motivated seller can be a powerful negotiating tool.
Homes sell for less in winter because there is typically less demand during the colder months. Buyers should not give up this advantage. Recognize that there is less competition and use it to push for a better deal. Beyond getting a lower price, you can push for closing costs, repairs, or upgrades.
Having an inspection is a good idea regardless of the season. However, various issues might be more apparent during winter. For example, it might be easier to identify drafty windows or a spotty heating system. Get an inspection report and use the information to push for a lower price.
Data about the local market can also be valuable when buying a home. When purchasing a home in winter, you can look at historical trends to see how the season typically affects prices. And there’s more to it than the average or median price difference. You could look at factors like the difference between the average list price and the average sale price.
Following these tips can help you get a better deal when buying a home during winter. Buyers should also work with a local real estate professional. A local agent will have more insights into how winter may affect the market.
Are you buying or selling a home in Tennessee? Click here to contact the Title Group of Tennessee. We offer an array of services to make home closings easier and more secure. Reach out now to learn more about our title services.
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