The temps feel oh-so-frosty and the winter snow has taken over, so that means now is a terrible time to buy real estate, right? Wrong! In fact, based on our years of experience, we’d argue that winter is likely the BEST time to buy real estate in Central Maine. Here are 3 key reasons why:
You’ll have less competition
In terms of looking for a house or other real estate, most folks “cool it as the weather cools.” And that’s perfectly reasonable. But that means fewer and fewer people are out there looking for that house or other real estate you desire. Since only 6 percent of the total number of real estate seekers are active during the winter, you enjoy a significantly larger selection of high quality Central Maine properties.
Also, because you have less competition, you can be “choosier” about the property you buy. Winter offers you the perfect opportunity to evaluate property under the worst weather conditions. Is the driveway going to be a pain to shovel or snow-blow? Are there ice dams on the roof? Winter gives you an excellent way to avoid unpleasant surprises after you’ve already purchased the property.
You’ll discover sellers highly motivated to offer a good deal
Most sellers listing real estate from December through March are serious about wanting to sell. That gives you, the buyer, a general advantage, and specifically a price-negotiating advantage. An individual or business wishing to sell as soon as possible will be more likely to work with you on price.
One smart strategy you can use up-front is to check the property’s listings-detail page, and note the number of “Days on Market.” If you see the property has been on the market for some time, you’re more likely to meet a seller a bit more motivated to accept a lower price offer.
You’ll likely close faster
It stands to reason, right? When Maine’s weather warms up in the spring and summer—and far more people are out buying homes—your mortgage broker’s business will be heating up too. But during the winter? Not so much. Lenders’ schedules generally are 25 to 30 percent slower then, and that means a faster, more attentive process for you.
Of course, before you buy real estate in Central Maine from now through April, you may have to sell other real estate in or out-of-state. If that’s your situation, we invite you to read our blog post “From Cold to Sold: Tips on Home Selling in Winter Weather.”
Whenever you are seeking friendly, professional real estate assistance to help you buy or sell property in Central Maine, we invite you to contact us today.