California: November Real Estate Situation

The lowdown for California:   Source: CALIFORNIA ASSN. OF REALTORS®

Defying an otherwise struggling economy, California home sales remained red hot in November, breaking the 500,000 sales benchmark for the first time since January 2009 and reaching the highest level in 15 years, the California Association of Realtors® said.

November sales rose 5.0 percent from 484,510 in October to 508,820 units and were up 26.3 percent from a year ago, when 402,880 homes were sold on an annualized basis. The year-over-year, double-digit sales gain was the fourth consecutive and the largest yearly gain since May 2009.      

“Home-buying interest is at levels that we have not seen for years, setting the stage for a stronger-than-expected comeback that fully recovered all the sales that the market lost in the first half of the year due to the pandemic,” said 2021 C.A.R. President Dave Walsh, vice president and manager of the Compass San Jose office. “Housing supply remains an issue, however, as we will likely to see a shortage of homes for sale in the near term, which will put upward pressure on prices and dampen affordability for those who haven’t been able to take advantage of low rates.” 

If you like my updates, subscribe to my Blog!  Thank you for reading,

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
How much is your home worth?

Fabulous 1 Bedroom for sale in Mt View - Los Altos Schools - www.49ShowersA238.com 

California Prop 19 At A Glance

This article and update from our own Kelly Vincelette, at Cornerstone Title.

Should you rely on Prop.19 for your own real estate transaction, be sure to double check your own tax situation and talk to a qualified real estate and tax attorney.  

If you like my updates, subscribe to my Blog!  Thank you for reading,

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
How much is your home worth?

Probate Versus Living Trust: How You Hold Title Makes a Difference

This article from our own Kelly Vincelette, at Cornerstone Title.

 

The way in which people hold title to a property can have significant legal and tax implications,

including whether the property must go through probate upon death and what taxes the heirs must pay when they sell it.
 
According to some attorneys, one of the best ways to hold title to homes and other real property, is in a revocable living trust, which offers the advantage of avoiding probate costs and delays. All that is involved is the cost of creating such a trust, and deeding the property into it.
 
Until the death or disability of the trust creator, the home and other real estate in the living trust, plus any stocks, bonds, bank accounts, automobiles or other major assets held in the living trust, may be bought, sold and financed at the creator’s discretion.
 
If the trustor becomes incapacitated, the named alternate trustor (such as a spouse or adult child) takes over management of the trust assets. When the trustor dies, the assets are distributed according to the trust's terms.

 Privacy is also an advantage. Unlike a will, which becomes part of the public probate file, the living trust terms remain private. Court challenges of living trusts are virtually impossible, whereas wills are frequently challenged by disappointed relatives.
 

There are other customary ways to hold title, such as:

-          Sole ownership - You hold the title in your name alone.

-          Tenancy in common - This means two people own the property together, but upon the death of one, the interest of the descendent is distributed according to a will – or if there is no will, according to state law.

-          Joint tenancy - This is a commonly used option, which means two people own the property together. If one dies, the other gets it without the property passing through probate.

 People should always evaluate which form of title is right for their situation with a California qualified real estate attorney.

Original article from Barbara Pronin, author at RISMedia.

If you like my updates, subscribe to my Blog!  Thank you for reading,

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
How much is your home worth?

California’s Wildfires Will Push Home Prices Even Higher

 

California’s wildfires will push home prices even higher

Source: Realtor.com
Deadly wildfires have always been a fact of life for Californians. But over the past few years they've caused unprecedented devastation—with this year becoming the worst wildfire season on record. The fires are having a catastrophic impact on lives and businesses across the state.

And they're impacting the state’s housing market by pushing up prices in communities that have been ravaged by the infernos, in some cases dramatically. Areas like Napa and Sonoma Counties were already experiencing housing shortages, exacerbated by fires from previous years. Of course the exact areas devastated by fires lose a lot of their value, and it takes time to regain those values. But all around is a different story.  See the article here.

If you like my posts, follow my blog!

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
How much is your home worth?

California Real Estate Update

Here are some extracts of the current California Real Estate Update Report, from the California Association of Realtors, which you can browse here in its entirety.   

• Sales in resort communities remained hot in September as housing demand in those areas continued to surge from last year. South Lake Tahoe home sales continued to increase year-over-year by triple-digits (105.4%) for the second consecutive month …
• At the regional level, all major regions posted double-digit price increases from last year. … All regions except the San Francisco Bay Area set a new high in median price in September.   
• All but one of 51 counties tracked by C.A.R. reported a year-over-year price gain, with 39 of them growing 10 percent or more. Lassen had the highest price increase, gaining 51.4 percent year-over-year. Humboldt was the only county where the median price was flat from a year ago, and no counties experienced an annual price decline.

• C.A.R.’s statewide sales-price-to-list-price ratio* was 100 percent in September 2020 and 98.5 percent in September 2019.
• The statewide average price per square foot** for an existing single-family home was $321 in September 2020 and $287 in September 2019.
• The 30-year, fixed-mortgage interest rate averaged 2.89 percent in September, down from 3.61 percent in September 2019, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 2.98 percent, compared to 3.38 percent in September 2019.

If you like my updates, subscribe to my Blog!  Thank you for reading,

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
How much is your home worth?

California Leads The Nation in HOA Communities

 

Source: Foundation for Community Association Research
Nearly 74 million Americans reside in a community with a homeowners association or condominium board, with California leading the nation in the number of HOAs.

California leads the nation with 49,200 associations, followed by Florida, with 48,500; Texas, with 21,000; Illinois, with 18,800; North Carolina, with 14,100; and New York, with 14,000, the report says. In 2019, there were about 351,000 community associations in the U.S. The Foundation for Community Association Research estimates that the number in 2020 will increase to 354,000.

Just Listed!

Currently available in North Los Altos, CA:

4388 El Camino Real #18

Rare End Unit

3 B. 2.5 Ba

$1,798,000

Extra large private 

backyard.

www.4388ElCaminoReal18.com 

Thank you for reading,

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
A noteworthy local non-profit:  Community Services Agency - in Mountain View

Gov. Newsom Signs New Eviction Protections Lasting Through January

Gov. Newson signs new eviction protections lasting through January.

From: Source: Los Angeles Times – Full article by Patrick McGreevy.

California state lawmakers passed a plan to protect tenants from eviction through January as long as they pay 25% of the rent due starting with the month of September.

This minimum of 25% of the rent can be paid each month, or it can be paid in delayed payments as long as all of it is paid by January 31, 2021.  Gov. Newson signed the legislation Aug.31^st. 

Tenants are still responsible for paying unpaid amounts to landlords, but other than the 25% of the rent due beginning in September, any rent unpaid between March 1, 2020, and January 31, 2021, because of a COVID-19 related inability to pay cannot be the basis for an eviction.

Landlords will be able to recover this debt in court, however, beginning March 1,2021, and small claims court jurisdiction will be temporarily expanded to allow landlords to recover these amounts.

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
Price your home with my online valuator.

Where Utility Costs Are Most, Least Expensive

 Source: Move.org, via the California Association of Realtors.

Utility bills can add up, especially in a pandemic that has forced people to spend more time at home.  On average, renters are spending between $100 to $150 per month on utilities, whereas homeowners are paying an average of $400 per month, according to Move.org.  Home shoppers would be wise to inquire about the average utility costs of homes the're looking at to help avoid sticker shock when they get their first bill.

Click to see a larger image.

California ranks 36th in the nation with utility costs totaling an average of $379 a month.  Hawaii ranks the most expensive state with utilities totaling an average of $588 a month, and New Mexico ranks the least expensive at $345 a month.

See here the full article and details of the study.

Thanks for reading!

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
A noteworthy local non-profit:  Community Services Agency - in Mountain View

Many Home Purchase Offers Are "Sight Unseen"

Nationwide, 45% of surveyed homebuyers said they made a bid on a home without first seeing it in person, up from 28% in 2019. Redfin agents cite health concerns around the pandemic and competition fueled by a worsening housing shortage as reasons more buyers are bidding on homes before visiting them.

See the  Redfin-commissioned survey in May and June of more than 1,400 people across 29 major markets.  Article by Lily Katz.

I have had one experience myself of an offer "sight unseen" on one of my listings, 3 months ago, and several agents have also experienced one of such offers within our Coldwell Banker Los Altos office.

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
A noteworthy local non-profit:  Community Services Agency - in Mountain View

Most Common Home Improvements During the Pandemic

More than three-quarters of about 1,000 homeowners surveyed this month say they have carried out at least one home improvement project since the start of the COVID-19 outbreak, according to a new survey fromPorch.com, a home remodeling website. 

According to the survey, homeowners have spent a median of $17,140 on improving their homes since the pandemic began, with an average of five improvement projects per household. To fund these household projects, 38% dipped into savings, 23% used credit cards, and 13% used their government stimulus checks.

Like my blogs?  Subscribe!

Francis
Silicon Valley real estate
Trends: Local prices and graphs.
A noteworthy local non-profit:  Community Services Agency - in Mountain View

National Real Estate Market Not Slowing Down

Nationwide, it seems that the market is not slowing down with the Pandemic.

A shortage of homes for sale and record low interest rates are creating a competitive home shopping summer, with a housing market getting closer to pre-pandemic levels, according to Realtor.com.

Today's market remains tipped in favor of sellers as would-be spring buyers are shopping well into what would normally be summer vacation season.  home buyers, trying to take advantage of record low mortgage rates and make up for lost time, are finding limited and more expensive option according to Realtor.com.

Housing shortages continue.  Over the last three weeks combined, new listings are down an average of 14% from a year ago.  Also median listing prices continue to increase at 7.9% over last year, which is faster than the pre-pandemic pace.
Source: Realtor.com

Main take-aways:

- new listings were down 19%
- total inventory was down 32%
- time on market just a tad slower.
- The West and NorthEast are leading the recovery
- interest rates are low, very low.
See the full article here along with the situation per main City area in the US.

Thank you for reading, - subscribe to my blog!

Francis
Silicon Valley real estate
Trends: Local prices and graphs.
A noteworthy local non-profit:  Community Services Agency - in Mountain View

Pandemic Spurs Interest in Backyard Coops

Pandemic Spurs Interest in Backyard Coops.  (Article just sent to me my Connie Chronis, local mortgage broker - Los Altos, Silicon Valley).

Google searches for backyard coops to raise chickens reportedly have been on the rise since the beginning of the COVID-19 pandemic. 

Homeowners are exploring ways to have access to fresh eggs in a time when visiting the grocery store has become more stressful and food shortages grow. “Interest in some of my chicken articles has gone up over 500% since the end of February,” livestock expert Shelby DeVore, founder of Farminence, told realtor.com®. “I’ve also had a huge response from people reaching out and looking for advice.” Chickens are affordable and relatively low-maintenance, and don’t require a lot of space, DeVoer says. “It’s a great way to become a little more self-sufficient without committing to an all-out homestead or completely self-sufficient lifestyle.”

'want to try it?

Francis

Silicon Valley real estate

Trends: Local prices and graphs.
A noteworthy local non-profit event:  Community Service

s Agency - in Mountain View

What's Motivating Moves During the Pandemic

Americans have been on the move for more reasons than just to snag record low mortgage rates, shows a new survey of 2,000 real estate agents from HomeLight.  The survey, conducted in a series of 7 separate polls from april to the end of June found the top moving motivators cited include the need for space (44%), a desire to buy versus rent (41%), and to relocate to the suburbs (37%).

Click to see larger

Meanwhile, in the Bay Area, the sales price is still higher than the ask price, on average, and buyers outnumber sellers.  Here are the latest figures for June, for the County of Santa Clara:

Click to see larger

...where one can see that prices did not go down with the pandemic.  In the trenches, what we see is sustained demand for housing.

Thank you for reading,

Francis

Silicon Valley real estate

Trends: Local prices and graphs.
A noteworthy local non-profit event:  Community Services Agency - in Mountain View

Silicon Valley's Market Continues Its Upward Pace

Some news from the trenches, as of the 2nd week of June:  
At the Los Gatos-Saratoga District Virtual Breakfast Meeting this week, C.A.R. President-elect Dave Walsh was upbeat because weekly market stats he has tracked show the market is continuing on an upward pace. Sellers are returning to the market and buyers are even bidding on homes.

Walsh's data for Santa Clara County shows sales since March have been increasing to an average of 200 a week. Sales dropped to a mere 99 the week after county Shelter-in-Place order was imposed. 

Walsh said, "Our REALTORS® are very good at pulling buyers and sellers together no matter what the situation is, even in a pandemic. Our market is recovering faster than any other market in the state. We all are fortunate to be in Silicon Valley."

Many areas are hot. South County has been "on fire" with its affordable, expansive housing. Walsh said a reason for this is people are gravitating to larger open areas, away from cramped units in cities.

Milpitas has been hot from the start, according to Walsh. Santa Clara, Central San Jose and Sunnyvale "have never retracted and have stayed unbelievably hot with a zero slowdown." Santa Clara had 13 sales last week; its 4-week average is 10 sales. Central San Jose had seven sales last week; its 4-week average is five sales. Comparing last week's sales to their 4-week averages, these cities have exploded: Sunnyvale 19 sales (avg. 7), Cupertino 13 sales (avg. 7), Los Gatos 10 sales (avg. 6), Saratoga 8 sales (avg. 3). Positive changes are seen in Willow Glen, which had 17 sales last week (avg. 7) and Mountain View, 9 sales (avg. 3).

Since Santa Clara County's March 16 Shelter-in-Place order, 2,369 properties have been put under contract. Of those properties, 1,968 were priced below $2 million, 122 were priced over $3-7 million, and six properties sold at over $7 million.

"This tells us there is a lot of confidence in our marketplace, confidence in our consumers that work and live in Silicon Valley, confidence in employers and their stock portfolios. I cannot emphasize it enough. Our market is hot, our market is strong. If you price it correctly, it will sell." Walsh told members.

Thank you for reading,

Francis

Silicon Valley real estate

Trends: Local prices and graphs.
A noteworthy local non-profit event:  Community Services Agency - in Mountain View

Emergency Savings - Affordability Challenges

One in Three adult Americans has no emergency savings.  I posted this blog in 2014, and I am sure it is true today.

According to this April 2014 article from HousingWire by Trey Garrison the housing industry will likely be impacted by the results of a new survey from NeighborWorks America, which serve as a stark reminder of affordability challenges. The survey found that almost 70 million working age Americans – about one-third – have no emergency savings. This highlights a primary problem facing potential homebuyers, as one in three homes are deemed unaffordable to the average buyer, and mortgage originations are reportedly at a 14-year low.

• Only 25 percent of American have enough saved to cover 30 days of living expenses.
• About one in five have enough savings to cover three months – about the average time of unemployment for many Americans – while 28 percent expect their emergency funds to cover a year.
• Approximately 29 percent of adult Americans have no emergency savings in place—whether to pay for the repair of a car that’s required to get to work, or fix a major household necessity such as a roof or furnace.
• Retirement and buying a home are the top savings goals at 28 percent and 13 percent, respectively.
• Just 5 percent of consumers say that they are currently saving to create a buffer in case of a financial emergency.
• 52 percent of people earning less than $40,000 said that they had no reserve.
  
  

Even though this is a nationwide study, California is not immune to the phenomenon obviously, and affordability concerns are certainly increased in areas of high prices like the Bay Area. I believe it is important to reflect on it.

Thank you for reading,

Francis

Silicon Valley real estate

Trends: Local prices and graphs.
A noteworthy local non-profit event:  Community Services Agency - in Mountain View

Freddie Mac: Currently Low Mortgage Rates

Directly from the web site of Freddie Mac, the results of the Primary Mortgage Market Survey® (PMMS®):

• 30-year fixed-rate mortgage averaged 3.15 percent with an average 0.8 point for the week ending May 28, 2020, down from last week when it averaged 3.24 percent. A year ago at this time, the 30-year FRM averaged 3.99 percent.  
• 15-year fixed-rate mortgage averaged 2.62 percent with an average 0.7 point, down from last week when it averaged 2.70 percent. A year ago at this time, the 15-year FRM averaged 3.46 percent.  
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.13 percent with an average 0.4 point, down from last week when it averaged 3.17 percent. A year ago at this time, the 5-year ARM averaged 3.60 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

Francis

Home Valuation tool

Detailed, local trends etc...

Current mortgage rates   - low, with a lot of volatility.

Be sure to check this fabulous new listing in Palo Alto at: 3228 RossRd, near Midtown! 

Update on the State of Real Estate in California and the Bay

Noted among the regular updates on the California real estate markets, from the California Association of Realtors, as of 5/27/20:

This was the first week in several months where it was more difficult to find negative impacts on the economy and housing market than it was to find signs optimism. And yet, even as the economy begins to heal, it is important to temper that hope with the difficult truth: even if the economy continues to gradually reopen and the leading indicators continue to improve, the toll of the COVID-19 pandemic have been unprecedented and it will take time for us t

o recover. This is particularly true in a world where the new normal will likely look significantly different that our previous definition. On top of that, we will face both ongoing restrictions and a big learning curve on how to operate in a pre-vaccine world.

Consumer confidence finds bottom: After suffering from its worst decline in April in nearly 50 years, the Conference Board’s Consumer Confidence Index ticked up slightly in May. The index remains below 100 indicating that consumers are still pessimistic, but it is a slightly lower level of pessimism than in April. This supports the conclusion from a variety of other indicators that the economy and market found a bottom in mid-April and has begun to stabilize after roughly 2.5 months of sheltering in place.

Mortgage applications regain lost ground: Homebuyer demand is beginning to show signs of life as well as the U.S. recorded its 6th consecutive increase in new purchase-money applications. That brings the number of mortgage applications back above the pre-crisis levels of late February. .... California saw its 7th consecutive weekly gain in mortgage applications as well, though it also saw a bigger contraction in the immediate aftermath of the downturn, so it remains roughly 2% below 2019 levels.

Buyer demand coming back with more showings: Buyer demand is also expressing itself in the form of increased showings. Last week, the 7-day moving average of showings posted a 38% increase, which brought the index back to pre-outbreak levels. And although last week’s levels were still roughly 4% below 2019 levels, home showings have improved dramatically from mid-April when showings were falling by nearly 75% on a weekly basis and were well below 2019 levels.

Francis

Home Valuation tool

Detailed, local trends etc...

Current mortgage rates   - low, with a lot of volatility.

Be sure to check this fabulous new listing in Palo Alto at: 3228 RossRd, near Midtown! 

Prices May Stay Pretty Stable in 2020

Prices may stay pretty stable in 2020?

Many clients ask me which direction prices will trend this year with the pandemic.

Some expect prices to go down, while others encounter multiple offers, at least here in the Silicon Valley.

For now, and just considering our local area, one thing is sure: the number of transactions has been cut roughly in half. But how prices will fare will depend mostly on the job market in both Santa Clara and San Mateo County.  And what we see a lot of is remote work, not so much lay offs (although unfortunately we will see some of that happen way too much).

In this article from Clare Trapasso, senior news editor of Realtor.com, the prediction is that prices will remain steady in 2020, because the inventory of homes has also gone down dramatically.  In the Silicon Valley where properties are still fairly scarce, my experience is that prices are currently soft, but this is compared to an early expectation of a strong price increase at the beginning of the year.  It is also not the case for prime, very desirable properties (i.e. very remodeled, or excellent location, or large lots, or just "rare finds").
Diana Olick, from CNBC, also reports a surge of multiple offers nationwide, with a majority of offers being made in a competitive environment in many local markets, from the East to the West.

Thank you for reading,

Francis

Home Valuation tool

Detailed, local trends etc...

Current mortgage rates   - low, with a lot of volatility.

Be sure to check this fabulous new listing in Palo Alto at: 3228 RossRd, near Midtown! Select "view full screen" at the bottom right for the best experience.

Impact of the Current Situation on Real Estate Activity

My clients ask: what is the current impact of the current situation on real estate activity?

The California Association of Realtors issued an update on the impact of Covid 19 which is pretty comprehensive.  This being said, many of my clients are asking me what is the impact locally.

The situation changes day to day, literally, with new changes in the regulations and limitations.

As of now, real estate is deemed an essential activity at the Federal level, and also at the California level, although many aspects of the regular activities of a Realtor are very strictly regulated.  Without going into the details, interactions with the public are to be limited to the extreme, the essential, and when they happen it has to be with all mandated precautions – which is of course very good, and welcome.

The market? About the same at this point: there are much fewer properties on the market now, but there are fewer showings for obvious reasons.  It is an excellent time to sell a property, and also a good time to be actively looking for a home.  Precise protocols have to be put in place so that all parties are comfortable with the ways to proceed, and follow the advisories.  Will prices suffer or not?  A little too early to tell in my opinion.  I do expect the number of transactions to be smaller in April though.

What is also good to know is that nearly everything can be done virtually if you are seeking to sell your property, or if you are thinking of a purchase. Facetime or call or text me should you have any questions regarding the process in this new environment.

Thank you,

Francis

Home Valuation tool

Detailed, local trends etc...

Current mortgage rates   - low, with a lot of volatility.

Finding Ways to Stay Positive in these Challenging Times

Dear friends, clients,

In these challenging times, I have personally set a goal to stay positive and spread kindness, as everyone goes through some kind of anxiety. Here are a few simple, effective ideas to make sure we see the silver lining each day.

• Get outdoors. Walk, garden or just take time to reflect and smell the roses.
• Use FaceTime, Teams or any other social media way or communication, or pick up the phone to check in on friends, family, neighbors and colleagues.
• Spread some kindness each day. Nextdoor lets you see what others in your community may need. Give back – helping others helps you too.
• Have a laugh! Share some jokes or funny videos to alleviate stress and lighten up with laughter.
• Be grateful. Leave a reminder in your phone each day to give thanks for all the good in your life.
• Schedule some downtime from social media and the latest headlines. Quiet time is essential, and you might find a break from the headlines brightens your day.

Remember, today's issues are temporary, and hopefully will bring long lasting lessons. How can we help bring a better tomorrow? I believe we can stay strong and persevere. Please feel free to contact me for any reason – whether you have real estate questions (yes, most things can be done remotely), or you just need someone to talk to. We'll get through this together!  


Thank you for reading, and stay safe!


Francis

My Home Valuation tool
Detailed, local trends etc...
Current mortgage rates   Time to refinance? Give me a call.

How to disinfect your house in these times of stress?

An important question nowadays: what is the best way to disinfect your home, as we all face these dire circumstances?

Christina Hoffman, content manager for HouseLogic, gives some useful tips on the matter, which I thought were worthy of showing on this blog.

From her article, a few things worth mentioning:

- The Center for Disease Control recommends a bleach solution for disinfecting high-touch surfaces
- Recipe:  for a quart of water, 4 teaspoons of bleach,
- bleach can grow too old, and loose its efficacy,
- bleach cannot be mixed with just anything:  just water,
- and something I didn't know: some disinfectants can make the virus(es) resistant.

Please stay safe and in good health, and most importantly, stay informed.

Warm regards,

Francis

My Home Valuation tool
Detailed, local trends etc...
Current mortgage rates   Time to refinance? Give me a call.

Easy to Buy a Home in California?

How easy is it to buy a home in California?

According to an August 2019 Google poll that the California Association of Realtors conducted, this is the way it is perceived:

Click to see bigger

Actually, from my personal experience in different countries, it is really much easier to purchase and sell a home here.  It also takes a lot less time from start to finish.

Thanks for reading, call or text me for any question about the process.

Francis
My Home Valuation tool
Detailed, local trends etc...
Current mortgage rates   (low!)

Winter House Hunting Can Pay Off.

Winter House Hunting Can Pay Off.

Everyone knows the prime house-hunting seasons are spring and summer, when the grass is green, tree foliage is full and flowers are in full bloom. But that doesn’t mean you can’t land a hot deal during the winter. Here are a few reasons why shopping for a home in the winter might be a smart decision.

Less competition. While cooler temperatures in many areas may keep many people inside, if you decide to take the plunge, you won’t have to compete with as many buyers. That means less pressure to make a quick decision to avoid losing out on the home of your choice, and more time to check out additional properties, consider all of your options and negotiate with sellers.

Sellers are more motivated. Many people who put their home on the market during the colder months are anxious to sell it as fast as possible. Perhaps they’re relocating for a new job or need money for a down payment on another property. With fewer would-be buyers, sellers get less attention and fewer offers, making them more motivated to reduce the price and close the deal.

Quicker closing. Real estate agents, mortgage lenders and title companies have fewer clients in the winter, which can result in a swifter closing. And remember, you can always help speed up your home-buying process by knowing how much you can afford, getting pre-approved for a loan and having a good down payment ready.

Gain more insights. Viewing homes on cool, gray days puts properties in a different light – picture bare trees and no flowers – so if you love a property, imagine how wonderful it will look when colors are popping in the spring and summer. And unlike a sunny 75-degree day, you’ll be able to tell if a house is drafty, a sure sign of poor insulation.

Francis

Home Valuation tool

Detailed, local trends etc...

Current mortgage rates   - low.  It's a good time to buy now