BABY, IT’S COLD OUTSIDE!
But the real estate market can still be HOT!
It takes a little imagination, but the real estate market doesn’t need to suffer from the winter doldrums.
Whether you are a buyer, seller, tenant or landlord, there are great reasons to consider winter a lucrative market.
Here is a list of 10 reasons to be active in the real estate market this season and some great ideas for how to help you do that.
1. Less competition with other buyers/tenants. After all, most people would really prefer to be sipping hot chocolate in front of a cozy fire! Get out there, brave the weather, and have your pick of great properties!
2. Tax benefits. If you are considering purchasing a property and you can close by the end of the year, you might be able to deduct mortgage interest, loan points and property taxes. Also, consider that mortgage interest rates tend to be especially high early in a home loan. This could be a nice last-minute tax break! Happy holidays!
3. Motivated sellers. Most sellers who are willing to market their property during the hectic holiday season have a very good reason. Perhaps a job relocation in January? Maybe a new home that will be ready to close after the first of the year? Whatever the reason, this is a great time to negotiate!
4. This is the best time of year to get a realistic feel for the property. Yes, it’s cold outside. Does the inside feel warm and toasty? Are the windows drafty? Are the gutters iced up? These are things you won’t notice in the balmy summer weather. Bundle up and get shopping for your new digs!
5. Interest rates are still low. Although no one has a crystal ball, there are serious signs that interest rates will go up soon. Don’t be kicking yourself this summer for not acting sooner.
6. There’s nothing sweeter than concessions. Many landlords are offering awesome concessions to make sure their properties don’t sit vacant during the winter months. As a tenant, you might be able to score free rent, free cable or Wi-Fi or even free utilities. What better incentive to grab your mittens, pull on your boots and get moving!
7. Light a fire! Literally – light that fire, pump up the heat, have all the lights glowing, maybe the smell of cookies baking? As a seller or landlord, do anything you can to create the sense of warmth and home.
8. Broaden your pool of acceptable renters. If you are a landlord, consider speaking to your property manager about the possibility of using an institutional guarantor. It costs you nothing, and you don’t lose a wink of sleep on those long winter nights! InTransit Properties offers this tenant-paid program – ask us about it!
9. Moving in the dead of winter can be a moving experience. Consider the fact that moving companies are also slow this time of year. Most are offering great deals and throwing in extras such as packing up your entire house for a very reduced rate. You can stay cozy and warm and let them do all the work! Plus, you’re putting people to work who might otherwise be under-employed during the holiday season. A win-win!
10. Marketing, marketing, marketing! When it comes to marketing, this is the time to pull out all the stops! Signs, postings and websites are the minimum. Try using photos that elicit a sense of spring and summer. Consider adding fresh flowers throughout the home to hopefully pull the prospective purchaser/tenant into a summer frame of mind and ignore the snowstorm raging outside their window!
To learn more about how you can make the most of the winter real estate market, contact InTransit Properties by email or 303-388-5200.