If you happen to want to move to a hot market for home sellers, here is some advice. Go looking for a home to buy when it is freezing outside or the weather is otherwise severe. Buying a home is both about finding one you like and beating out others if the market has buying competition.
Days On Market
To find out the competition for a particular market, check the median number of days that a home is listed on the market before it sells. This is called the “days on market.”
In a hot seller’s market, the median number of listing days may be very low. The national average days on market (DOM) is 62 days in America.
The top ten cities where homes sell the fastest with the lowest DOM as reported by Realtor.com® are:
- San Francisco, CA – DOM 28
- Spokane, WA – DOM 31
- Boston, MA – DOM 32
- Colorado Springs, CO – DOM 32
- Lafayette, IN – DOM 34
- Columbus, OH – DOM 34
- Sacramento, CA – DOM 34
- Santa Cruz, CA – DOM 34
- Midland, TX – DOM 36
- Odessa, TX – DOM 36
Time Of Year
Most homebuyers look for a home during spring and summer. That is when the buying competition is normally stronger. June is the worst month to buy a home if you want to get a discount.
If you can wait until fall or winter, you may see more price reductions. The best time to make a low offer may be during the short window of time between Christmas and New Year’s when virtually no one is looking to buy a home.
Use bad weather for an advantage. Go looking for a home in the dead of winter, when the roads are barely passable, and you may be the only buyer interested. Another advantage that comes from viewing a home during severe weather is that you get to see how much trouble the weather will be if you own it.
Tax Time
One very successful real estate investor buys homes right before tax time because that is when sellers are worried about paying taxes and might be more flexible on the price.
Estate Sales
It is possible to get a nice deal on a house when a family is liquidating assets.
Divorce
A seller may be motivated by having to sell a house as part of a divorce settlement.
Summary
The main factors, if you want to get a discounted price for buying a home, are not to be in a rush to buy one and take your time finding a home that is for sale by a motivated seller. Always ask, “Why are you selling your home?” when negotiating with a seller.
And as always, ask your trusted real estate professional for advice to negotiate the best deals in your local marketplace!
Recent medical school graduates, saddled by high student loan debt, sometimes have a hard time qualifying for a first mortgage. Now, however, a growing number of lenders will consider future earnings potential of high earners in the medical profession as a way to offset high debt ratios. But specialty mortgages for young physicians aren’t the only unique loans available today.
PMI, which is also called private mortgage insurance, is protect that the lender may ask the buyer to purchase. In the event that the buyer defaults on their home loan and the home enters foreclosure, the lender has a way to recoup their losses.
You might be wondering whether to replace your roof before listing your property. Most reputable real estate agents will advise you only to do so if your current roof isn’t likely to pass inspection or if replacing it will significantly raise the value of your home. 
Last week’s economic reports included readings from the National Association of Home Builders on builder confidence in housing market conditions, Commerce Department readings on housing starts and building permits issued. Weekly readings on mortgage rates and first-time jobless claims were also reported.
Many homeowners don’t think about what it takes to successfully sell a home until they make the decision to purchase a new home. It makes sense to consider the best ways to improve your home sales appeal early if you think you might consider selling at any time in the future.
If you want to maximize your outdoor living areas, the ideas below will help you do so. Backyards are seldom used to their full potential. No matter how large or small your yard is, a makeover can create cozy sitting areas and larger spaces that are perfect for entertaining.
Your credit report influences whether or not you’ll qualify for a mortgage and what kind of interest you’ll pay on that loan. This isn’t something you can safely ignore. Smart homebuyers understand the importance of monitoring credit scores and credit reports. Here is some information about how to get your credit report.
Last week’s economic releases included readings on inflation, an essay from Dallas Federal Reserve President Robert Kaplan and the monthly consumer sentiment index. Weekly reports on mortgage rates and new jobless claims were also released.
It’s the time of year when many people are making their holiday plans: booking travel, making shopping lists, and getting their home ready for guests. Hiring a house cleaner, having the carpets steamed, and buying new furniture ahead of the holiday season are all common, but what about completely updating a room (or two)?