It’s no longer a secret that Nashville is an incredible home-buying market. Whether you already live here or are considering transplanting here, you’re probably asking a million questions. A couple things are certain, though:
Great deals happen all year long, but it’s foolish to assume that seasons play no role whatsoever in the home-buying cycles.
So what’s a buyer to do?
Do like the real estate pros: keep your head down, make smart (not impulsive) choices and keep your eye on the market. While you’re doing that, check out our four reasons wintertime is the perfect chill-pill to your house-buying fever.
A slow, winter market means fewer buyers are out shopping. Fewer buyers mean you will often have time to think more about your home purchase decision. It means bidding wars are at an all-time low. During this season, the pressure will be coming from you and only you: Is this the house for you? Do you really love it or are you just experiencing a case of FOMO? Smokin’ hot, Nashville spring/summer markets are synonymous with pressure. It’s hard to stay cool when three people have put an offer on the same house and you’re forced to fatten your offer by thousands of hard-earned dollars.
Fear plays a big part in the winter market.
This is why many sellers don’t list their homes later in the year and many pull their listings in the late fall in hopes of starting fresh in the spring. Inventory goes down in the winter (and with that your range of options) but that’s your gift in disguise. This is your chance to score a great deal in the housing market. Fewer new listings come online, but the sellers’ motivation is much more noticeable than the drop in inventory.
Homeowners who have had their house on the market since summer or fall will be extra-motivated to sell during winter, even if that means accepting a lower price. Sellers who stick with it, as the theory goes, are the most motivated.
A good realtor will know the leverage points of the seller and will negotiate for you with these in mind.
If you’re talking prices, winter is the best season for buying. While most people first think of buying a new home in the spring after the weather’s warmed up and the kids are getting excited for summer break, the real price breaks are often made during the frigid months of December—February. January in specific signifies the lowest point of the housing market.
TheBalance.com lists several reasons why the best day to buy a house is on or near Christmas Day. One of the reasons is that most people are in a relaxed, generous mood during the holiday season.
Certain Nashville neighborhoods have a faster sell-time than others. East Nashville, for instance, has one of the hottest markets in the nation, and because of lower inventory in the winter, sees shorter sell times than surrounding neighborhoods even during a winter market. Inventory of homes for sale typically starts to decline in September, with the biggest dip around the holidays. Especially in a sizzling neighborhood, winter remains the best season to purchase as the market drops to its annual low in mid-January.
Are there any cons? Just a few:
But that’s as far as the cons go.
According to Trulia, the average first-time homebuyer has to put nearly 40% of their income toward their mortgage payments—2.3% more than last year. That’s quite the departure from the standard measure of housing affordability, which says Americans should spend 30% or less of their pre-tax income on housing.
Ultimately, when you choose to purchase a home in Nashville is up to you. But why choose between a house you love and an amazing deal? Buying in the winter season could the perfect moment to score the house and deal of your dreams.
This expertise was provided by Dwell Music City, your trusted authority on all things related to real estate in Nashville. It is our pleasure to answer any questions you may have. Contact us here for more information.