The Slower The Market, The Fewer Offers

Category: Finance, Real Estate.

First, think about the time of year you are out looking. Why?

It is generally accepted among the real estate community that the colder it is outside, the more likely you are to get your bid accepted. Because there are fewer people looking to buy a house the later it gets in the year. Well, who wants to move in the middle of rain, sleet and wind, snow? Why? Not the ideal moving conditions. The fewer offers, the more apt the owner is to take the first reasonable offer that comes along. And because there are fewer people that want to move during that time of year, the fewer offers there will be on a given property.

And, get this. The reason for that is agents have forgotten about the properties that are still waiting to sell. The best time in the winter to buy a house is the week between Christmas and New Year s. They don t expect a lot to happen during that week, and are excited when something does. For example, in climates that stay warm all year, or where it, like California is cold all year, you will be, like Alaska less likely to see this type of trend. This usually only happens in areas of the country that have distinct seasons and have varied temperatures throughout the year. Of course, another way to get the best price is to watch a certain property to see how much activity there has been on it.

This may give you some insight as to how motivated they are. Also, you can do research to see how long the current owner has had the home. Have they changed realtors more than once to try to get the house sold? The slower the market, the fewer offers. Wait until the market slows to make the jump into buying the home. The fewer offers, the more likely the seller is to take the offer.

Also, with a slowing market, people with less than perfect credit will be able to qualify for a loan. They may be so happy to have an offer that they may take it as long as it is reasonable. That is because sellers are more motivated. With taking so much less for the house, lower credit scores will be able to get a loan for the lesser amount. As an example, take an owner that is asking$ 100, 000 may take$ 89, 000 for it. So, keep in mind, when you are looking at houses, that timing is everything. Be sure to watch the trends and pick out the best time for you and your. situation.

For some, timing is the changing season, for others it is the market as a whole.