While winter may seem like a tough time to go outside, it can present some great opportunities to purchase real estate.
When working with your clients, keep this in mind to gauge the value of potential opportunities. By knowing the ins and outs of this cold season, you can can be ready to do more for your customers than otherwise.
A buyer's market
The winter may make many crave warm clothing and hot cocoa, but it has historically been a buyer's market, according to Realtor.com. Spring and summer are when the bulk of real estate transactions take place, and this trend exists for a number of reasons.
Benefits of buying during winter
For starters, homes often look more presentable during these seasons, and the friendly weather conditions make it easier for would-be buyers to leave their homes and look at properties, the media outlet reported. There are additional benefits to buying - and moving - during these times.
If you want to take the time to pack all your things, move them to another place and then unpack them, going through the process may seem far less arduous when the weather is nice. Alternatively, the hassle involved with the aforementioned may seem all the worse if it is happening during freezing-cold weather.
However, if your clients are willing to entertain the thought of taking these challenges on, they can benefit from knowing about the benefits associated with home shopping that takes place during the winter.
Buyers who look for properties during this time will likely face less competition, and could therefore use this situation as leverage to get a better deal. In addition, it is far less likely the client will have to worry about another party snapping up the property.
Know your market
While being aware of the various seasonal caveats that affect the real estate market can prove helpful, providing clients with the best value possible requires in-depth knowledge of the market where your customer is looking.
Before you start elaborating on what buyers can potentially get out of purchasing a home during the winter, make sure you are prepared with the data you need.
To get easy access to this information, including mortgage records and warranty deeds, use CRS Data. For more details on CRS Data, click here.
How to take a seasonal approach
Once you obtained the needed expertise on the local real estate market, there are a few techniques you can use to help increase sales during the winter months.
For starters, setting proper expectations is crucial, Inman Magazine contributor Josh Fellman wrote in a recent opinion piece. Not only is this crucial for making a sale now, but also for future business, as missing an opportunity as a result of improperly pricing a transaction will just make it easier for customers to work with someone else when it gets warm.
One important strategy you can use to ensure that clients know what to expect is to prepare a dataset on past years that illustrate how real estate activity changes during the winter, Fellman noted. Using this information, customers will have hard figures, instead of just stereotypes about the market.