Why Winter Is the Best Time of the Year to Buy Rental Properties?
Do you have a property that’s ready to be rented out? Struggling to find a rental home? Winter is the great time to get into the market! Wondering why? Here you go!
- According to Realtor.com, “50% of those homes for sale are purchased during summer time.”
- The sales of residential properties rise as the temperature increases. (Time.com)
- Based on the analysis of 32 million home and condo sales over 15 years, RealtyTrac has found that homes purchased in October had the greatest discount to fair market value (2.6%).
- The discount in December, January and February remains above 2%, and drops in the spring and early summer.
- Spring listings sell 5.5 to 21.5 days faster and for an average price of $1,500 more than other times of the year. (Zillow)
Going through the above statistical reports, it is evident that one can get the best deals in purchasing homes when the temperature is at its lowest point.
But, what’s really in the holiday months of November, December, and January that makes rental properties or properties for sale so affordable.
The Demand for Properties is Higher in Summer
People prefer moving to their new residences during summer and spring as the weather is warm. Also, parents feel that summer break is less disruptive to their children’s education. So, people choose this time of the year to purchase properties leading to increasing demand. It’s obvious that when demand increases competition increases and the property prices will also rise further.
Desperate Sellers
For a property owner, if their properties have been on the market for a long time and knowing that only there are fewer buyers during the holiday season is a bad news for them. In such cases, the sellers become impatient and desperate in attempts to sell their property as soon as possible. As a result of this, they reduce the listing of the price of their property to attract buyers.
You Can See the Property at Its Worst
As seasons change, the look of the property also changes. During the summer, a property may seem beautiful, but the same can look dull and drab without the foliage. Visiting the property when it is subjected to the harshest conditions gives you a clear insight on working pipes, the HVAC unit, the windows, and all sorts of things that get stressed during the winter. Yes, looking beyond the shaggy green always pays!
What are you waiting for? The holiday season is just around the corner, and now it’s your turn to make plans to do your property hunting. Visit https://propertymanagerskc.com/ to hire the best property management in Kansas City.
