What You Should Know About Buying A Home In December

Dated: 12/04/2017

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What You Should Know About Buying A Home In December

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The housing market, a reliable bellwether of the economics, appears to be bouncing back.  A lot of the nation's largest home builders surprised analysts by reporting a profit in the quarter that just ended.  Home sales continue to rise nationwide and should continue at the same pace in 2018 as they did in 2017. Prices rose 4.6% in August compared with a year ago - the largest year over year increase in more than six years nationwide.  All this and more great news has been widely reported, so many Americans are thinking more about wading back to the real estate market, both as buyers and as sellers.

How many individuals know there are best times to sell and buy houses? The best month to make an offer on a home is January.  That means you need to start looking in December.  Fewer buyers are willing to house hunt during cold, nasty weather, so there is less competition and few, if any, bidding wars.  Sellers also have a tendency to be more motivated than they will be in the spring, when there are more buyers.  Why? They have just received their credit card bills that reflect Christmas spending and can be feeling economically insecure.  Their decision to try to sell their homes in the winter months means they are willing to risk listing in a time of the year when properties tend not show especially well.Image title

The best day of the month to make an offer on a home is the first Tuesday.  Why early in the month?  Since the homeowner just wrote a mortgage check for a home he no longer wants - or needs to sell - and he doesn't want to write another one.  Why Tuesday? Since by Tuesday he is starting to worry that he won't get any offers from house hunters who saw the home the weekend before.   The optimum time of the year to sell a home is the spring.  Buyers come out from the woodwork throughout the spring, and with tax refund checks in the bank, spring buyers more frequently pay full price.Image title

Sales peak in the spring, helping to explain why about 60% of people who move do so in the summer.  Tip within a tip: Do not price your house with a zero in the end. Researches show that individuals perceive a precise price, like $282, 284, as lower than rounded ones, like $280,000.00, even when the rounded prices are actually lower.  Real life sales show that one zero towards the end of a requested price lowers the final sale price by .72% and two zeros lower it by .73%. That might not sound like much, however it can add up to thousands of dollars.Image title

Have you bought a home before? What was the best month for you if you were the buyer?  If you were the seller, what month did you get the best response? 

Love to hear your comments on this article and do not forget to check out our upcoming blog on “Cheap Home Improvements”.

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Darren Scott

Darren Scott/TheScott Group and his team of specialists with eXp Realty California, serves real estate buyers, sellers, and investors in Orange County. Probate & Trust Real Estate Specialists. We help....

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