While most people are busy these days preparing themselves for Christmas and New Year’s eve celebrations, the real estate market is becoming somewhat softer. Soft in this case means that the demand for residential properties is declining thus the supply is bigger and properties are staying more days on the market.
During the spring and summer months is when most people are looking to buy properties both as a personal home buyer and investor. That’s when prices are usually on the rise and you have to compete with a lot of buyers resulting in multiple offers,lesser chance to purchase the property and negotiate the price. Therefore, it’s highly recommended for investors to take advantage of this situation and look for properties. Here are the following benefits for buying now.
Increase your chance to get the property you desire at a price that you desire.
Save a lot of time making offers that are likely to be declined in normal market.
Lenders are less busy attending other clients.
Meaning they will put more time and effort on your case to give you better service and loan terms.
Everyone is less busy. (Insurance agents, real estate agents, property managements, construction companies and more…)
January of 2010, I was looking for foreclosures in Detroit Metro Michigan. It was snowing and almost nobody was on the streets. I knocked on the door of one of “Century 21” offices and a real estate agent open the door with a smile. Her smile was accompanied with a surprised reaction. She couldn’t believe anyone would look for properties in this kind of weather. I had then explained to her that I was looking to buy 10 properties for cash and had made 50 offers earlier that day. A couple weeks later, we purchased 12 out of the 50 properties. The agent revealed to me that when I first entered her office she thought I wasn’t serious and was just wasting her time. Throughout all of 2010, we purchased 100 properties in total. Most of those properties were bought during the winter and fixed and sold during the summer when the demand was higher and the supply went down.
To sum it up, don’t wait for the spring to come, this is the best buying season and take advantage of that, make your profits when most people are asleep.