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Winter real estate market favors buyers

On Behalf of | Dec 7, 2016 | Residential Real Estate |

Spring and summer in California form the busy season for residential real estate sales. The desire to complete a transaction before the start of a school year often motivates buyers and sellers. The slower period between December and February, however, offers buyers the advantages of minimal competition and lower costs.

Although the inventory will be smaller in the winter, fewer buyers will be navigating the market. This creates more leverage during negotiations. The president of USAA Residential Real Estate Services Inc. said that negotiations tend to go at a slower pace during winter. Sellers might also be willing to make more concessions because they might need to sell quickly. Their choice to list their homes during the slow season might be the result of divorce or a job transfer.

According to a NerdWallet study of sales between 2014 and 2015, January and February emerged as the months for deals. During this time, homes sell for prices 8.45 percent lower than the average prices in June through August. Lower prices translate into savings on some closing costs, the down payment and the mortgage.

Someone buying a home might choose to consult an attorney during the process. An attorney could review the paperwork for the transaction and inform the buyer if all of the legally required property disclosures are present. If title issues arise, an attorney could advise the buyer about whether or not to commit to the deal. The lawyer might also be able to research the problem and obtain documentation that resolves the situation. At the closing, the attorney might review all of the final documents and explain everything to the buyer.