Looking for a bargain on waterfront real estate? The winter is a great time to get out in the market and find motivated sellers. In addition, you can save money on other expenses like appraisals and home inspections.
The winter time is tough for the real estate market due to all the distractions like holiday shopping, parties, and decorations. The cold weather also deters potential shoppers from getting out and looking at properties. If you get out there in the winter, you'll likely be making offers with little competition.
If a seller still has a waterfront home on the market that is held over from the summer, they will likely be more motivated to hear your offer. If the seller feels he can't wait till next summer for more offers they may be inclined to accept a lower offer.
During the winter, every lead becomes more important to the real estate agent. As the number of potential buyers dwindle, agents are more apt to give every potential buyer their best possible service. They tend to be open to lower offers especially if the waterfront home has been on the market 6-12 months.
Lenders and mortgage brokers tend to lighten up qualifications during the winter months. When applicants are plentiful, lenders tend to cast border line applicants aside for more qualified home buyers.
During the peak summer months, appraisers and home will likely be booked 5-10 days out. They can also charge more for their work because they have a steady amount of calls coming in. As the winter approaches, the workload lessens and the phone calls decrease. You can likely get the appraiser and inspector out to the property in one or two business days. Many will even work weekends if it is the difference between winning or losing the job.
So throw on your coat and start looking at those listings that are left over from the summer frenzy. Make as many offers as you can. Don't wait for the summer to come back in just to find yourself competing against all those other offers.
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