Looking for a bargain on waterfront real estate? The winter is a great time to get out in the market and find motivated sellers. In addition, you can save money on other expenses like appraisals and home inspections.
Home buyers put off searching waterfront real estate because of holiday decorating, shopping, and parties. Plus, the cold weather makes home buyers prefer to stay home; they wait for warm weather to buy waterfront real estate. Get in early and make your offers before other buyers do.
When a seller has a waterfront home that did not sell during the summer market, they may become concerned that the waterfront home won’t sell. If the seller has not pulled their listing, there is a good chance they have become very motivated to sell.
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.
So what about financing? Well, lenders and mortgage brokers are affected the same way real estate agents are. As the winter months roll-in, they tend to be more flexible with qualifications and will work harder to help you purchase your waterfront home.
During the peak summer months, appraisers and home will likely be booked 5-10 days out. They can also charge more for their work because they have a steady amount of calls coming in. As the winter approaches, the workload lessens and the phone calls decrease. You can likely get the appraiser and inspector out to the property in one or two business days. Many will even work weekends if it is the difference between winning or losing the job.
Clear some time from your busy holiday schedule and go find a bargain waterfront home. Make many offers. If you wait til the weather warms up, you’ll likely find that you’ll be competing against other buyers which will drive up prices.
Hubert Miles is the founder of Waterfront Houses USA, an internet advertising service that provides Waterfront Homes and Waterfront Real Estate available in the US and Canada.
