Brrrrrrr, are cold temps cooling off the market?

By Matthew Trudel

The temperatures have definitely dropped, and we just got hit with our first significant snowfall of the season. Some of us really enjoy the snow and the change of the seasons, but there are plenty of people who would have been happy if Mother Nature waited a couple more weeks before reminding us of what is to come over the next few months.

The real question this Holiday Season is if it is a good time to purchase a home? Or perhaps you are thinking of selling and not sure if this is the best time to try to sell your house. How does the cold weather and winter conditions affect both buyers and sellers.

Buying a home this time of year can be a really good move for many reasons if you are up for the challenge. Most buyers don’t want to move in January when the sidewalks are ice-covered, snowbanks are tall, and the salt and slush can be a real mess. This translates into fewer buyers to compete against when out shopping for your new house. Less competition among buyers usually will correlate with lower prices and sellers being willing to negotiate a little more on pricing or contribute to the buyer’s closing costs.

Moving during the winter is not the only challenge buyers will face. Another major hurdle is getting the home inspections done this time of year. Yes, inspecting the home on the interior is easy enough, but it is the exterior of the home that can prove to be very challenging. Inspecting the roof is nearly impossible, especially if it is covered in ice and snow. The opening and closing of certain windows and doors can also be difficult. Then there is the septic system to inspect, and when the ground is frozen and covered in several feet of snow that can be very costly to get done.

We touched base on a few challenges for buyers but what about sellers. and is it worth it to list your house now or should you wait until the spring to put your property on the market. Just like most of the buyers who don’t like to move in the winter, neither do sellers.

Sellers also are not a fan of having people go through their house during the holidays tracking in dirt and salt.

So. what are the advantages to listing now, and not waiting? There are fewer homes on the market at this time of year and that means your home will see more interest. The buyers who are out looking are serious buyers and not just tire kickers killing some time on a Sunday afternoon.

Keep in mind that many buyers are moving and buying a house because they have to for various reasons. Sometimes it is work related that forces a move to a new location. Another common reason is for health issues with a family member or loved one. Whatever the reason is for the buyer to make this move is not that important.

What is important is that they get to see your house and then decide if that is the best option for them. If your house is not on the market. then that is a potential sale you definitely missed.

Everyone needs to make those decisions and weigh the pros and cons. Hopefully you have already selected a realtor to work with that can help you go over all of these things. If you haven’t yet, you should find a realtor with plenty of experience who is familiar with your local market area. I’ve covered this topic in a lot of these articles over the past decade or more.

Merry Christmas to all of you and have a very Happy New Year!

This article was written by Matthew Trudel, the Owner of Five Star Realty, Windham, 207-939-6971 or Matt@FiveStarRealtyMaine.com <