The real estate market heats up during the cold winter.
January 8, 2018
Whoever said people don’t buy homes in the winter or it’s just not a good time to buy a home is apparently out of touch with the current reality. The real estate market heats up during the cold winter, and here’s why. #1. Buyers are more serious. Homebuyers who are making their decision in winter often have a strong motivator: job relocation or a change in their lifestyle (e.g., divorce, growing family). These buyers will make their decision sooner than the individuals who have less incentive. #2. Homebuyers like less competition. Because so many people accept the myth that homebuying is inactive in the winter months, there are fewer people shopping for a new home. You gain leverage with fewer competitors vying for the desirable new homes. #3. Browsing is an indoor activity. The vast majority of homebuyers start their searches online. They sit in their warm homes, looking at listings and researching builders, and viewing homes, floor plans, and homesites. With the online real estate searches and virtual tours, they can narrow down their choices and then head out to do the physical browsing. #4. The sooner you start to build, the sooner you reach your move-in date. Maybe you’ve decided to build a new home and would like to move in the spring, or perhaps as soon as the school year is completed. Why wait until spring to get started? In January and February, new home builders have more time to work with you, one on one, so your home can be ready to move when you are. You should also check the inventory of move-in ready homes that are either under construction or completed, which expedites your move-in date. #5. Tax refunds are coming. Are you expecting an income tax refund from the IRS? If so, make a smart investment with the funds and buy a new home. Home values have been rebounding and investing in the real estate market while also giving yourself a better lifestyle is a win-win scenario. #6. Prices and interest rates will go up. As the market rebounds, so are home prices and mortgage rates. Although both are still quite low, the unbeatable bargains we saw a couple of years ago are gone. The longer you wait, the more you will pay. With rising mortgage rates, you’ll also get less home for your money. In the Oklahoma City market, we’re anticipating a price increase in the latter part of this year, so if you are contemplating a move, don’t wait. Ideal Homes currently has 18 new home communities throughout the greater Oklahoma City region, including the popular suburbs of Edmond, Norman, and Moore. Many of these communities feature quick move-in homes—brand new homes that are ready and waiting for you. With so many reasons that favor the winter homebuyer, don’t hesitate. Contact Ideal Homes to put this valuable time to work in your favor.