As we head into the winter months here in our little mountain town, the Mt. Shasta real estate market starts to slow down. However, it never stops completely. While many Sellers decide to hold off listing their homes until spring, others boldly list despite the season.
This is great news for Buyers who are in the market for a new home during the winter months, and don’t want to halt their search until the snow melts. In fact, there are several ways Buyers can benefit from purchasing a new house in the “off” season.
1) Beat the Spring Price Bump
As soon as spring of 2017 hits, home prices in the Mt. Shasta area are going to bump up between 3-7% depending on the location. Why? Spring is the beginning of the hot home-buying season, and higher demand equals higher prices every time. If, however, a home has been on the market since the summer, or was newly listed in the fall, Sellers will be more willing to entertain reasonable offers during the winter months, which means big savings for you.
2) Less Competition Among Buyers
The Mt. Shasta real estate market is not like the Bay Area, where every listing provokes a multiple-offer bidding war. But, Spring definitely brings out the Buyers, and when locals and visitors alike are all on the hunt for the hot, new inventory, it can get pretty competitive!
3) Shorter Escrow Period
During the summer selling season, it can be tough to book an inspection, and next to impossible to book an appraisal. The default appraisal period on the California Residential Purchase Agreement (RPA-CA) is 17 days, and NONE of the appraisals happened that quickly this past summer. Instead, the norm was 45-60 day escrows. A winter purchase won’t guarantee an appraisal in 17 days, but 30- to 45-day escrows are far more likely than 60-day escrows when you’re not waiting in a seemingly endless line of houses to be appraised.
Buying a new house is all about timing. When Buyers are truly ready to make a purchase is when they should be actively seeking, and that could be any time of year. However, if home Buyers happen to find the home of their dreams before spring home-buying fever hits, they just may reap a few more benefits for their buck. Happy house hunting!
Nikolas Allen is a Realtor® in Mt. Shasta, California. He helps people through the complex process of buying and selling their homes. He thinks any season is a good season to buy and sell real estate.