Have you continued the search for your perfect Central Oregon home into winter, but with no luck? Well get ready, because a gust of homes are about to hit the market. In Central Oregon, it’s typical to see multiple offers coming in the same day a new listing hits the market, even in the middle of winter. The next couple of months could be remarkable, especially in your winter home search.
1. Sellers on Strike Until Spring
Each year this phenomenon occurs in Central Oregon where sellers wait until spring to list their homes. There are two misconceptions here: 1) More buyers are typically shopping during the spring and 2) A homes first impression is greater when the snow melts, grass greens, and flowers bloom. However, the differences between January and June sales is usually low to mid-single digits (average is 5%). If you’re selling, you’ll have more competition in the spring. Plus, the buyers that are weathering the elements to shop during winter are serious.
2. Seize Low Interest Rates
On top of the booming demand in Central Oregon, April – June buyers will enter the market in the upcoming weeks. The reason for this early entrance into the market is rising interest rates. Take advantage of a less saturated market of buyers, and more importantly, lower interest rates. Delaying buying is generally outweighing the perceived gain of waiting until spring.
3. The Internet
Plain and simple: the internet has no seasons. Real estate has evolved from the days of finding a listing in your local newspaper to surfing the web for your next home. Cold weather will not stop a buyer from finding a seller’s home, and 93% of buyers used the internet during their hone search last year. A serious winter buyer will be checking the latest listings on their phone or tablet throughout the day, don’t miss the opportunity to list your home for them to see.
4. Save Money
As a buyer, aside from potentially saving money on interest rates, you may also be able to save on your purchase. Since supply and demand for housing are both down during the winter months, the median home price is typically lower. Last winter, the national medium home price was $250,000 and jumped to $267,000 during the spring. While this may be negative for sellers, slightly lower priced homes in Central Oregon move quick and you’ll be in your new home before you know it.
5. Winter Readiness
Selling your home during the winter enables a seller to show that their home is designed to handle the harsh elements of Central Oregon weather. In turn, buyers can be confident in their purchase that a home can withstand these conditions. Plus, during winter months, home features like fireplaces and hot tubs are more appealing to buyers.