When it comes to winter, hibernation is for the bears, not the real estate industry. The winter tends to get overlooked in the real estate industry, especially when it comes to vacation homes, but savvy buyers know it can be the time to pounce on a great deal.
Heritage Harbor Ottawa, premier waterfront resort and marina in Ottawa, Ill., recently spoke with real estate professionals from around the nation to get the scoop on winter buying and why the low competition of the holidays has its perks.
It’s no secret that due to current economic factors everyone is looking for the best deal, says Atlantic & Pacific Real Estate Executive Vice President Wendy Forsythe. But those same economic factors could play a role in reversing the negative stigma associated with winter buying and selling. This winter, in particular, shows significant growing potential, she says.
“Heading into this winter, we are experiencing a couple of economic factors that work very much in a potential home owners favor…” Forsythe says. “One: historically low interest rates. And two: house prices that in many markets have hit the bottom and are beginning to show signs of appreciation. For homebuyers who have been sitting on the side lines waiting to jump into the market, this means the wait may be over and this winter may be the time to buy.”
According to Forsythe, it’s likely that home buyers will see the value and jump into the market this winter. She foresees that as the recovery strengthens and confidence builds, so will the home selling competition. So, jumping in sooner rather than later is the best bet.