Trying to find motivated sellers of waterfront real estate can be difficult. The perfect time to look for a motivated seller of a waterfront home is during the wintertime. Also, you will be able to get appraisals and home inspections at a lower cost.
The winter time is tough for the real estate market due to all the distractions like holiday shopping, parties, and decorations. The cold weather also deters potential shoppers from getting out and looking at properties. If you get out there in the winter, you’ll likely be making offers with little competition.
If a seller still has a waterfront home on the market that is held over from the summer, they will likely be more motivated to hear your offer. If the seller feels he can’t wait till next summer for more offers they may be inclined to accept a lower offer.
During the winter, every lead becomes more important to the real estate agent. As the number of potential buyers dwindle, agents are more apt to give every potential buyer their best possible service. They tend to be open to lower offers especially if the waterfront home has been on the market 6-12 months.
Banks and mortgage brokers will usually loosen up more during the winter as well. They are affected by the real estate market just like the agent is. When applicants become few and far between, lenders will look for more creative ways to turn potential buyers into homeowners.
Appraisers and home inspectors need work. During peak buying seasons, appraisers and home inspectors may have a week or longer backlog. During the winter you can easily find an appraiser and home inspector that can get out to the property within one or two days and usually for less money. Some maybe willing to go out the same day!
So throw on your coat and start looking at those listings that are left over from the summer frenzy. Make as many offers as you can. Don’t wait for the summer to come back in just to find yourself competing against all those other offers.