Like restaurants, hotels, and retail stores, real estate is also a seasonal industry. There are months in the year (such as summer) when there’s a lot of sales going on. And during the winter, it seems like sellers and buyers both hibernate and wait until spring.
In some of the colder areas, buyers simply don’t care about going out in the cold to buy a house. That may not apply to Santa Cruz real estate in California where the climate is simply gorgeous all year-round, but other reasons still apply.
Buyers aren’t pressured to buy because their kids are now comfortably ensconced in school. And with the coming holiday season, there are more things to think about than buying a home. They have to think about buying Christmas shopping, for one.
So if you plan to buy a home and you’re not in any hurry, you may want to time your purchase for the winter season. There are several reasons for this:
1. You have less competition. Santa Cruz real estate is booming because there is a large demand for residential properties in the area. Part of the reason is of course the innate beauty of Santa Cruz and its laid back atmosphere. Buyers from nearby Silicon Valley have also come knocking. But with less competition to worry about, you have a better chance of getting the home you like at a price that is fair. You won’t have to pay a lot more because you won’t have anyone to bid against. It’s just you and a few others, if at all.
2. The buyer may be especially motivated to sell. Since the winter season is historically a slow month, a lot of buyers don’t sell their homes during this time. They also don’t want to deal with the hassle, especially since the winter holidays are already stressful enough. It’s why some sellers actually take their home out of the market. With Christmas approaching, if they sell their house then they have to deal with the sale and also deal with finding a new home. So if a seller persists in putting their home on the market even during the winter, then this may be a sign that the seller really needs to sell the property. Maybe it’s because they’re quite frustrated that their home didn’t sell during the peak season. It may be because they want to take advantage of some tax guideline that saves them money if they sell before the end of the year. That can make the negotiations easier and faster, and can even give you a considerable discount on the house.
3. Mortgages are also easier to arrange. With fewer buyers on the market, banks also experience a shortfall during the winter season because very few people are trying to get a mortgage. So the bank may give you some special treatment, such as giving you lower interest rates or requiring fewer paperwork. So if you can wait, then buy a home in Santa Cruz during winter.
Take some time and Research, Research and Research