People have different preferences when it comes to buying houses during winter in Charleston. Some prefer to hold on until the winter is over, whereas others seize the available opportunity since they have decided to remain active. In as much as you would want to make a real estate purchase during the winter, you need to be very strategic. Comparatively, buying a house in winter is less thrilling than what that substantial acquisition would likely be like in the summer. If you want to make a real estate purchase, there are several aspects you have to consider to be on par with the realities of winter purchases.
The Real Veracity about The Charleston Real Estate Market in The Winter
- During winter, there are fewer real estate properties on the market
There is not much happening during winter in terms of buying homes since there are usually less on the market. It is even harder to typically get a new home as well. The advantage of this season is that not many people are looking for houses, which might work in your favor in the way of getting better offers.
- The scramble for good homes goes down during Winter
Not many buyers engage in home purchases during winter. It tends to be easier to close a deal, especially for those people who are possibly disillusioned and frustrated by packed open houses. One of the better ways strategies is to hit the Charleston market when it is low, and that falls around Christmas since there are less or minimal buyers actively looking (they’re waiting till next year to pull the trigger).
- Home Inspection may not include everything
As a winter buyer, you need to be sure that everything in your prospective new home is working properly. For example, properly testing the air conditioning during colder weather can be hard. What you have to be aware of is the type and age of the air conditioner, as well as be certain to verify the roof. Feel free to ask for building permits or receipts to ascertain if the roof has been replaced or not. You can also seek an arborist’s assessment of the trees at any point during the year (you won’t have to be too worried about frost on the tree, but it is still something to consider and be aware of).
- Home sellers are set to close the transaction
Most homes that are on the market during winter belong to owners who do not have the luxury of waiting until spring, maybe they want to move to another city or another location in Charleston that is better for their children’s access to education, or maybe there’s things they didn’t consider when they first bought. Their homes are available and might have irresistible prices.
- Interests rates are stable, but that might change
Economic conditions and policy decisions affect interest rates. Interest rates have maintained at around 4% all year. However, the Federal Reserve hinted at an increase in the interest rates in the near future. A prediction by Mortgage Bankers Association indicates that these rates will experience a rise in December and possibly three times more in 2018. However, they noted that a 30-year mortgage would not exceed 5% throughout 2018. As a buyer you absolutely need to keep tabs on the interest rates, in that if they rise it very well may affect what you can afford.
So be sure to arm yourself with valuable information that pertains to the winter real estate market. This will enable you to get the best offer as well as meet the expectations you have for your new home. Cold weather and shorter days might make looking for a house during winter hard, rest assured though of a less competitive environment. Now you can duly commence your winter house search and close that deal that you have patiently waited for!