House prices all around the US go up and down all over the years, and that is no exception here in Nashville, Tennessee. Whether you are planning to buy a new house or move to Nashville, you have to choose the right time to grab the best deal. A few factors confirm why winter is the best time in the whole year to place a bid for your home.
Winter Brings The Best Deals For Real-Estate Shoppers!
One may think fall is the best time, but you get an even better deal in winter. Here is why.
Most buyers buy a new home in summer and spring. In winter, Nashville realtor companies and sellers drop the price.
Wesley Willoughby from Nashville Real Estate Help explained, “The market trend shows that after the holiday season, house prices go down and remain low throughout the first half of winter in Nashville. And who doesn’t love to get a deal at a lower price, even if that is just 1-2%? So, start looking for your dream home right after the holidays end or, better yet, during the holidays. Thus, you can save thousands on buying a home.”
So, winter seems to be the perfect time to buy a home in Nashville or surrounding cities in Tennessee.
A year-end home purchase can save on your tax amount. A smart way to save on your income tax is to buy a home just after the holidays. This way, you may not save a ton, but you can still use the saved amount for other purposes. These little tricks are necessary for effective and fruitful investment.
As we have mentioned earlier, people mostly buy homes and like to move there in summer. So, there are fewer buyers left to buy new homes in the winter. But the number of houses mostly remains about the same as the new property owner shifts to new homes, leaving their old ones available for buying.
The rule of demand and supply shows a reduced demand for the available residential property for the remaining customers. These homes are available throughout fall and winter up to next spring and summer. So, the buyer can choose from plenty of options. Moreover, you can offer a lower price to buy that same house than in summer or fall.
- More homes to choose from
In Nashville, winter is milder than in other parts of the US. In this season, you get a better deal by having a wide range of homes to choose from.
Particularly at this time of year, there are 26% more homes available for you to choose from. So, you can start searching in the fall and then decide what to buy later.
And as the competition is less, you can offer a reduced price. Since there are not many buyers in the market, the owner may negotiate on that. Also, you get to see the actual condition of the home in winter and how it protects against rough weather.
In winter, moving or shifting is a little difficult. Walking or driving on snowy roads is hazardous. However, moving becomes easier when you hire a mover. And this time, it gets easy to hire one since there are fewer people shifting their homes, and there is almost no rush. Additionally, the hiring cost is also reduced by the moving companies. It is a winning situation for home buyers.
Best Month For:
- Listing price: The best month for listing home price is January. In January, the listing price went 8.2% below average. It's the longest time of the year when homes remain unsold up until March, at the start of the spring.
- Housing inventory: Since January is the month in which most homes in the Nashville real estate market remain unsold, housing inventory reaches a peak at this point. So, buyers that are looking for a new residence can go shop for one then.
- Closing costs: The stat shows that the closing costs for the homes in Nashville were reduced in February. The cost is generally 6.7% lower than the median closing price this month. The reason behind this is the sellers are open to negotiating more due to a lack of adequate buyers.
From the discussion, we can come to the conclusion that if you are to buy a house in Nashville, Tennessee, the best time would be just after the winter holiday. At that time, the house price will be low. There are not too many buyers in the housing market. The homes that are still in the market will pass the average listing time and probably will remain unsold. So, the seller will be more likely to ask for a lesser price for the property. And also would be more likely to negotiate a lower offer price from the customer.