To buy or not to buy, that is the question on many home buyers minds right now.
Here are some facts to help you decide if adding that new home to your holiday wish list is an option.
The market is slowing down! I know, crazy right? The winter months always tend to slow the market down a bit but this year we're seeing a drastic change in the number of days a home is on the market. Home prices are also evening out a little more than
usual. This is a the perfect combination for home buyers right now. While there are many reasons to buy a home in the winter time, these are our top 3 that we think are most important to you.
1. There are fewer buyers.
This means less competition, making you more special to sellers. In the Spring and Summer we saw 20+ offers on homes on the market, which created a bidding war. Buyers even struggled to get an opportunity to make an offer, as houses were snatched off
the market at record speed. The shift in the season is the perfect time to avoid most of that competition.
2. You may get a better deal.
With less competition, the sellers may be more open to negotiation and you may get a better price on a home that you do buy. Serious sellers tend to sell in the winter, there might be an immediate need to sell this time of year which gives buyers
even more of an advantage. To even potentially have the option to negotiate after what we saw just a few months ago is mind blowing!
3. Mortgage rates may go up next year.
You want to get the best mortgage rate you can. Buying during winter, before rates have a chance to increase, is a clear winning strategy if you want to save extra money. Of course, interest rates don’t always go up, so you have to be aware of the financial
climate you are buying in. Rates have been at historically low levels for quite a while, so the odds of them going up are certainly there.
Both Larimer and Weld County are seeing the winter effects. Average days a home is on the market is in both counties. Below are the snapshots for both counties as of November 2017.
As always, The Noco Group is happy to answer any questions you may have about our current real estate market. You are welcome to reach out to any of our agents at any time.