Most buyers have zero interest in buying a home in the middle of a Steamboat Springs winter, especially if it means moving all your stuff in the middle of a snowstorm. But research says it’s better to buy now. According to Nerdwallet and Realtor.com, January and February are the best months to buy because sales drop 47% and prices are, on average, 8.45% less than prices in July and August.
Even here in Steamboat, where seasonal ski properties are a huge part of our market, more people come to look in the winter but don’t actually buy until later in the year. Buyers often think they’ll wait until ski season is over to get a better price, although in a rising market, most sellers coming on the market are pricing their properties higher than the last one that sold. The combination of low inventory and interested buyers mean sellers are often getting close to their price.
You also have a better chance at negotiating when you aren’t in competition with other buyers. Once a seller has their choice of multiple offers, the “winning” buyer often pays more.
Another reason it makes sense to buy January and February of 2017 is because interest rates are expected to increase. You can get ahead of rate hikes by locking in rates now. If you are part of the 50% of buyers who pay cash for a home here in Steamboat, this doesn’t apply.
If you are ready to start your home search, contact us here.