Are foreclosures a good buy in today's market?Having sold more foreclosure properties over the last decade than anyone in Central Oregon, I'm pretty comfortable diving into this one. Looking
Dispelling The Winter Myth
As a realtor, I’d truly love to have a c-note for every time I’ve heard someone say they don’t want to list their house until the spring… Or those that don’t want to start looking for a new home until April or May! Many of these folks are under the impression that homes don’t sell or have buyers looking for them over the winter months. Granted, it’s much nicer to drive around town in the spring or summer looking for a beautiful new neighborhood to call home, but keep in mind you’re not likely the only “fair weather” buyers out there.
Central Oregon not so long ago was a much sleepier, quaint area with its rural charm. The real estate market then was a bit sleepier as well too, and the market likely dropped off significantly when the snow began to fly. But today, the area is a booming community with a lot of options to satisfy almost any lifestyle. Coupled with great beer, food, and outdoor activity choices (Oh… and the national press Central Oregon has received as of late), and the Central Oregon community is wide awake!
Like most growing communities, we have our share of growing pains but finding or selling a home shouldn’t be one of them. Central Oregon has grown into a 12-month, all-season real estate market… I’ll say that again… Central Oregon is an all-season real estate market. There is somewhere in the range of 1000 – 1800+ homes for sale in Deschutes County in any given month of the year. Yes, things do slow down a bit when the weather gets cold and blustery, but there’s enough inventory in our area to give you many options regardless when you are looking. And there are some great benefits of buying or selling a home during the winter months! Here are a few excellent reasons to consider NOT waiting until Spring or Summer:
Competition – If you're selling your home in the spring or summer, keep in mind that you are competing against everyone else with a similar home on the market. With a limited supply of buyers out there looking, it makes it that much tougher to draw attention to your listing (unless you have a hotshot realtor like me).
Same goes for buyers… Although you might have more inventory to choose from, you too are competing against the droves of buyers out looking during the spring and summer months. Yes, it’s great to have a lot of choices to see, but have you ever had a house you fell in love with sell out from under you before you could get your offer in order? Or worse, got into a bidding war and had to pay more than you’d have liked?
Prices – If you’re buying in the winter months, you’re more likely to get a home at fair market value as opposed to buying something a bit inflated due to perceived demand (summer rush). You’ll still have plenty of inventory to choose from and you just might get it at a price you can be proud of.
If your selling, and your selling your home at a fair market value price, your more likely to get your home sold more quickly and get what your asking. Yes, you might not get to cash in on the inflated prices of the summer rush, but there are no guarantees you would have anyhow, and you likely wouldn’t sell as quickly… and as we all know, TIME is MONEY.
Highlighting your home – It’s so much easier to highlight your home in the winter when you can focus on the home rather than the yard. You’re already going to be decorating for the holidays and who doesn’t like to come into a home with great holiday smells, lights, and shiny things! And if you're looking for a new home, you get bonus points for getting to see everyone’s holiday lights and decorations!
Home for the holidays! – And last but not least… How awesome to have a new home for the holidays! You’re obviously going to want to showcase your new home and have a party right? Or better yet, give your family a new home for Christmas! (OK, it’s a bit much, but what a cool thought.) And if your selling? How nice to have some cash around during the season?! We all know “it’s the most wonderful (expensive) time of the year”!
All jokes aside, Winter really is a great time to be in the real estate market. In fact, just between you and me, November is often one of my busiest times of year! So, consider NOT waiting this winter and start thinking about how a crack real estate agent like myself can help you sell your home, find you a new home, or both! I promise we’ll be warm and cozy!
Michael Neely Brown
Real Estate Broker – Norwest Realty LLC
I have been in the sales and marketing fields for over 20 years, with extensive experience marketing products and services and building long-lasting customer relationships. I am your local real estate....