I want to start off by saying that another 9/11 Tribute has passed at Ground Zero and I will personally never forget that day and those that had perished for no apparent reason in an unspeakable and horrendous crime that will go down as one of the most horrific and infamous in American History against 3000-plus innocent victims!
May They All Rest In Peace!
I have received a numerous emails and calls asking for advice on when is the best time to consider purchasing and at the same time, when is the most advantageous point in the year to sell?
First off, I want to say, the best time to purchase is when you are ready and,
1. When you find the home that you know deep down inside is the right one at the price you feel is correct for your budget
2. Your 20 percent down payment or whatever amount that will work for you and the seller, to get an accepted offer
3. A written mortgage commitment
4. However, remember “Cash is still King,” so to compete, you must come in with the strongest of offers and absolutely have all the necessary qualifications and documents right at your fingertips.
However, from my experience purchasing and selling a multitude of my own primary residences, the winter has been the most opportune time to do my purchasing (even for investment properties too!).
The number one reason, is the majority of buyers (and investors) have left the market waiting for the following spring to come back into the market.
We are still mostly in a seller’s market. But some sellers will be much more motivated to move and go, as soon as the colder, snowy weather sets in and they yearn for warmer climates, elsewhere.
The thought of shoveling snow, de-icing car windows, digging out and slippery sidewalks, yuck!!Get me out of here ASAP!
Lastly, because there essentially is less of a demand on the money supply, interest rates can be the lowest during winter months, affording, you the buyer, with potentially lower financing costs, saving you thousands of dollars in interest over the life of your mortgage.
Now for the sellers out there, many times your most serious buyers come out during the winter months looking for that one special place to call home and yours just might be the one!
The tire kickers and Looky Lou’s tend to leave the fray once the frigid and snowy weather comes about and may times is less stressing for a seller, since there are less “shoppers” shopping, but many times, more serious purchasers who are ready to pull the trigger!
The fact that interest rates could be lower and generally are,( less demand on the money supply, basic supply and demand economics 101) the smart people are out there scouting the available properties, before the spring rush comes back into play. The costs of keeping your home warm, paying the real estate taxes, hoping there won’t be any broken pipes if you leave for a few months down south; or whatever costs you might have to bare, can make you consider selling sooner than later.
You are ready to downsize and If you cash in, there are considerable savings by eliminating those previous mentioned ongoing expenses and you could then invest your money somewhere else or purchase that retirement home or Condo or just have a boatload of dollars in the bank with the least amount of hassle, until you decide where to re-invest it.
Whether a purchaser or a seller, winter can be an excellent time to buy and also to sell. It all depends on your reasons, motivation and needs and wants and other variables.
You and only you (and your significant other) can decide if the timing is right for you and your family and if you have the wherewithal to be able to purchase or sell. However, give it a lot of thought and planning before you move forward to end up with a “Happy Ending.”
Bonus Information for our Readers:
If you would like to receive a digital copy of “Unlocking the Secrets of Real Estate’s NewMarket Reality, or “Our Seller’s Guide for “Things to Consider When Selling Your Home” just email me with your name, email and cell number.
Phil Raices is the owner/Broker of Turn Key Real Estate at 7 Bond St. in Great Neck.
He can be reached by email: Phil@TurnkeyRealEstate.Com or by cell (516) 647-4289 to answer any of your questions or article suggestions. To search for any type of properties or to see what your home is worth or homes that have sold in your area, go to WWW.Li-RealEstate.Com or if you desire a free, no strings attached customized Comparative Market Analysis for your home in today’s market and learn of its value, just call him for an appointment.
