Whether buying or selling Tennessee lakefront property, the fall and winter months are a great time to be in the housing market.
The housing market tends to heat up along with temperatures in the spring and early summer. But by the end of summer, the frenzy of buyers wanting to get into a Tennessee Lake home before summer’s end has settled down. Not only is this cooler and quieter market a great time to buy, there also are several advantages to selling your Tennessee Lakefront home during the fall and winter months.
Fewer buyers in the market! This means competition for houses drops off in the fall. But there are still Tennessee Lakefront homes for sale, whether it’s new inventory or old inventory that did not sell in the prime season. This means buyers are in a great position to negotiate aggressively. Sellers have enjoyed a final, full season of fun in their Lake home and are motivated to sell so they can buy their next home before the summer season returns. Many sellers want to sell before the holidays. Buyers who can close before Thanksgiving or before school Christmas break, have even more negotiating strength. It is very important to use a Lakefront Specialist however.
Calmer, quieter Lake! This means the winter months give buyers time to finish renovations or any upgrades that might be needed so they can enjoy their new home for the entire peak season at the Lake. For investors, the winter months give them time to get the home ready for resale in the busy spring season.
Because Spring and Summer are the peak times to buy and sell homes, real estate agents are busier then. The slower fall and winter months mean you won’t be competing for your agents time and attention. The same holds true for other professionals you’re working with to buy a house. Service providers such as mortgage lenders, title companies, lawyers, home inspectors, cleaners, and movers often respond more quickly in these non-peak months. This is a great time of year to make and offer and not be rushed to perform your due diligence or pressured into removing conditions in your offer.
Fall sales abound! This means more than likely you will make improvements to your new home after your purchase. October and November mean lawn mowers, grills and other outdoor equipment go on sale, and appliances and cookware are less expensive in November. November is also a great time to take advantage of retailer holiday sales items, which seem to be abundant that time of year.
Off-season view of property! This means as the Lake levels fall along with most of the leaves from all of Tennessee’s gorgeous trees, buyers are able to get a better look at the property and its access to the Lake. A Tennessee Lakefront specialist will be able to give you insight into the condition of the property during peak season, but winter months are a great time to get an “unvarnished” look at a Lake property when conditions are less than ideal.
More thorough inspections! This means not only will a home inspector be more available in the slower autumn and winter months, he will be able to check things that might not be apparent in milder weather, such as roof leaks or poorly sealed windows and doors.
Tax benefits! Buying before the Dec. 31 tax deadline means you might be able to write off some of this year’s mortgage interest, along with deductions for points, property taxes and home offices.
There also are some advantages to SELLING your Lake home in the fall and winter months:
Less inventory means less competition: Most sellers wait until spring or summer to list, so your home will have far less competition. Spring means greater supply, but the demand is the same. Greater supply plus same demand means less money. By selling in the fall and winter, you may have a better chance at getting the price you want for your home. Fewer choices for buyers means fewer sellers to play pricing against each other. Also, buyers often will make more concessions when there are fewer homes to choose from. Your home will stand out in the crowd with less inventory and marketing noise to compete with. To make sure your Lakefront Home is priced right, read “The #1 Tip for Selling Your Lakefront Home”
Fewer “Looky Loos“: Typically, listing your home in the fall and winter means you are dealing with a motivated buyer. This means less price haggling and fewer hassles in the process. Less choice for buyers means fewer sellers to play pricing against each other, and buyers often will make more concessions in their buying decision. So although there are fewer buyers looking over the winter, those who are typically are very serious about making a purchase or must make a purchase. The slower winter months also are an easier time of year to make appointments and give sellers advance notice, resulting in higher-quality showings. Your home will also show beautifully with holiday décor making it sparkle and shine.
Showcase year-round features: Spectacular lake views and a lush summer foliage can mask problems with some Lake properties. But in some cases, you are able to stand out from the crowd. For example, a home with year-round water access will have a leg-up on the competition.
Favorable interest rates: Everyone agrees interest rates eventually will rise. But rates remain relatively low, giving buyers incentive to shop in the slower winter months before rates rise in the spring. January is also the biggest month for corporate transfers. Catch these relocation buyers while you can.
Slower pace: The fall/winter season allows a seller to be in a rush to sell, which allows for longer market exposure, which ultimately can generate a higher price. You’ll get better, personal and faster service from movers, lawyers, banks, insurance providers and other services, and if your home sells quickly, you will be able to shop for your next home during the winter. Winter is a great time to find a bargain. The slower months also give you more time to look without the pressure to beat other buyers. By selling now, you will have the opportunity to be a non-contingent buyer in the spring when the inventory and selection begins to increase.
Key Point: Now is a great time to buy or sell your Tennessee Lakefront and Lake-access home.
Posted by Karen Millikan, Lakefront Living Realty, Tennessee Lakefront Specialist