The winter can be the perfect time to buy waterfront real estate. Not only can you pick up a bargain waterfront home from a motivated seller, you can save on your purchase 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.
It is important for real estate agents to keep their pipeline full of potential leads and sales. During the winter as their leads become fewer, you will get great service. The real estate agent can’t afford to let any potential lead during the winter pass them by. The agent will also be open to offers they may refused to present to the seller during the peak season.
Banks and mortgage brokers will usually loosen up more during the winter as well. They are affected by the real estate market just like the agent is. When applicants become few and far between, lenders will look for more creative ways to turn potential buyers into homeowners.
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 why not get out there and start looking for some waterfront real estate bargains. Make a lot of offers. Don’t wait for the summer to come back in just to find that your offers are lost in the crowd. Be proactive and find those motivated sellers.
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