Winter is now here in full force. Christmas was nice and New Year’s was a hoot, but winter in Colorado can be difficult from late January through the start of spring. What if you’re trying to buy or sell a home at this time? Neither is impossible. However, the mindset should be different during winter.
Below are five of the top winter home-buying myths we frequently hear in Colorado. As a Colorado mortgage broker, we suggest you ignore them. Whether you are looking for a first-time homebuyer’s mortgage or trying to sell your home in advance of a spring move, do not let winter throw you off track. Adjust what you’re doing to accommodate the winter season and keep plowing ahead.
Myth #1: Sales Move More Quickly in the Winter
It is often believed that sales go more quickly in the winter because neither party wants the hassle of slowing things down this time of year. It’s not true. Even in a seller’s market, a house can sit unsold for 30-45 days while people are busy with other things. Be patient and be prepared.
Whether you are buying or selling, be prepared to be diligent. Be deliberate about what you are doing. Most importantly, be sure you are getting advice from real estate agents and mortgage brokers who understand the Colorado market. Winter in Colorado is unlike anywhere else in the country. As such, Colorado’s winter housing market is unique.
Myth #2: Winter Always Makes for a Buyer’s Market
Next up is the myth that says winter always favors buyers. That may be true in some markets in the northeast, but it’s not true here in Colorado. In fact, winter is a favorite season among many Coloradans. After all, is there anything better than the mountains in winter?
Winter is often a seller’s market here. Still, home sales do slow down during the winter. Both buyers and sellers should temper their expectations. Buyers should be prepared for competitive prices while sellers should price their homes based on how quickly they want to sell.
Myth #3: Maintenance and Staging Don’t Matter
If you think that maintenance and staging don’t matter during the winter, think again. Buyers are still more likely to make offers on homes with strong curb appeal. Meanwhile, maintenance issues only reduce a home’s attractiveness regardless of the season. Sellers should absolutely stay on top of maintenance and staging during the winter season.
Myth #4: Housing Supplies Are Inadequate
While it may be true that supply weakens during the winter months, it is not true that supplies are always inadequate during the first few months of the year. Plenty of sellers want to get a jump on selling before the spring rush. Likewise, there will always be those sellers who don’t pay attention to seasonal trends. You could make the case that winter is the one season in which supply and demand tend to even out.
Myth #5: Negotiations Aren’t as Important
Finally, don’t believe the myth that negotiations aren’t so important during the winter season. Neither buyers or sellers are automatically willing to concede anything just to get what they want. The stronger your negotiating position, the more likely you are to get a favorable deal.
There are a lot of things about the Colorado housing market that are unique to this part of the world, especially during the winter months. And with winter here in full force, Mortgage Maestro is standing by to help buyers get the loans they need. Contact us to learn about VA loans, first time buyer loans, and all our mortgage products.
