Jumpstart Spring Now

GET A LEG UP ON SPRING BUYERS BY SHOPPING SOON FOR A HOME

BY ERIK J. MARTIN CTW FEATURES

Poet Alfred Lord Tennyson famously wrote that in the spring, a young man's fancy lightly turns to thoughts of love. But if he had written the book on real estate, Tennyson would have waxed poetically about how, in springtime, a home shopper’s fancy strongly turns to thoughts of purchasing.

That’s because, with the holidays long over and warmer weather on the way, demand among purchaser prospects increases and more listings hit the market.

All the more reason to beat this bunch to the punch and search for a domicile right now — while Jack Frost is busy keeping most homeowner hopefuls hibernating, the experts agree.

“If a buyer is flexible and creative, they can save money by buying in the slower season,” says Karen Parnes, broker/owner of Next Home Your Way in Rockville, Maryland. “A higher percentage of homes that are listed in the winter season tend to have been on the market for a longer period of time. Or the sellers may not be able to wait for the spring to unload their homes. This, along with lower buyer demand, makes for a great opportunity to try and negotiate a lower price.”

Brad Pauly, broker/owner of Austin, Texas-based Pauly Presley Realty, seconds those sentiments.

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“Typically, sellers who need to move list in the winter and, therefore, offer the best chance for a deal,” he says. If you are looking for your dream home, you may have to wait until the spring, as there is less inventory on the market this time of year. But if you are looking for a bargain, buy when it’s cold outside.”

In Baltimore, the market served by Melanie Hartmann’s housebuying company, Creo Home Solutions, the spring buying season doesn’t begin to pick up steam until April. Purchasing before this time can net an early

bird buyer several thousands of dollars in savings, she says.

“In winter, there are far fewer buyers actively purchasing homes, so there’s less pressure to submit a high offer. And owners may be more willing to sell their properties for significantly below market value,” Hartmann notes.

Parnes says lack of housing supply coupled with rough winter weather the last few years has delayed the start of the spring buying season in her neck of the woods. “The busiest times for us now are in May through July,” says Parnes.

But in the slower season, “I’ve been able to negotiate a 5% to 9% reduction in price for my clients,” Parnes says.

One significant drawback to hunting for homes in winter is the unpredictability of the elements. Braving chilly temperatures, brisk winds, snow, ice, or cold rain can be downright unpleasant.

“Plus, snow and ice can hide problems with roofs, sidewalks, driveways, foundations, and yards

of homes for sale. And if there’s a leak, a home inspector is less likely to find it when the temperature is below freezing,” notes Gary Lucido, president of Lucid Realty, Inc. in Chicago.

To up your chances of scoring a better deal from January through March, work with a seasoned Realtor/agent who knows how to find bargains in your market.

repeatedly. This may indicate that the owners need to sell and may accept an offer well below asking,” suggests Hartmann. “The key here is to spot these bargains before another buyer beats you to it.”

But never forget one of the major rules of real estate: If a deal seems too good to be true, it probably is.

“Submit lower offers on homes that have been on the market for four months or more — particularly those that have dropped their asking price “Evaluate why a property has been on the market for a long time without selling. If it was simply a matter of being overpriced, that’s one thing. But if the home was priced appropriately and went under and back out of contract multiple times, or never went under contract, that’s much more concerning. Always include an inspection contingency so you have time to find out what, if anything, is wrong with the home before you buy,” Hartmann adds.

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