Yes, it’s cold outside and everything is frozen over. Does that mean the same holds true for real estate in Greater Boston?
Hi everybody, it’s Ruth. I want to talk to you quickly about the housing market in the winter. It is winter, it is cold in the Boston area, I know. We’ve got a ton of snow, and how is the housing market affected by it? Well traditionally, January, February, these are quiet months in the market. This is not a great time to go out looking for housing. But if you are a serious buyer, this is a fantastic time for you look at homes.
Any houses that are on the market right now, these sellers are serious. They are serious about selling. Having a home on the market during holidays, when it’s snowing, this is an inconvenience to most people. And if they are still on the market and their agent is doing open houses, you better go to those open houses if you’re serious about buying a home.
In the spring market, I usually advise buyers to look a little bit under their budget. So if you tell me your budget is $1.2 million, I say, “Well, lets look up to the $1,111,500 so you have room to make a bid stronger than the asking price,” for example.
Right now I would give the opposite advice. Look over your budget. Sellers out there that have been on the market a while, they may be ready to negotiate. And it is worth a look to see what is out there on the market, even a little above your budget, don’t be shy about that.
If you are in the market for a luxury home, this is your moment. Get out there now, there is a great luxury market out there and it is fairly slow right now. This is a great time for you to look at those houses in Brookline, Newton, that are listed at $2.5 million and higher. Perfect time. This is your moment. This is a great time to buy a beautiful house and maybe negotiate. There may be a little bit more room for negotiation than there will be in two, three months, when the spring comes.
In conclusion, if you are serious about your real estate transaction happening, this is the time to either be a seller, because there’s serious buyers out there. And definitely a time for a buyer to go find those places that have been on the market for three, four, five months, make an offer, secure housing before the market gets crazy. Look a little bit above your budget, take advantage of these slow months, where everybody is staying home for the weekend. You may find yourself putting in an offer with no competition. You may find yourself at an open house, even at a new listing, without a lot of people at that open house.
If you were burned out by the spring market, made one losing offer after another, I hear your pain. This is the time for you to get out there. Find your perfect home.
If you have any questions, call, text, write a comment below. We’d love to hear from you. Happy New Year.