Wilmington is a fantastic place to raise a family. The area has several public and private elementary, middle and high schools which have received high reviews from parents. The city also offers people with children many entertainment options, including movies, public libraries and nearby national parks. Enough said, Wilmington is a wonderful place to put down roots, but the question is, when is the right time to do so?
The last week in October, the average list price of Wilmington homes decreased to $287,844. Currently, Wilmington has upward of one thousand houses for sale and several open houses every weekend. Wilmington is privileged to be in a wonderful location because it is so close to several beaches, including Wrightsville Beach, Figure Eight Island, Kure Beach and Carolina Beach. This means that there are many great opportunities to find a primary residence or rental property in this area. And remember, just because the warm temperatures on the beach have vanished for the time being, the temperature of the real estate market in the winter is hot.
Why Buy a House in the Wintertime?
- Sellers who list their homes in the wintertime are often very motivated to sell. For example, those who wish to sell at this time usually do so because they are relocating for a job. When sellers are extremely eager to sell quickly, this sets up a buyer’s market.
- With fewer options, there are fewer homes to see, but this decreases the amount of time that it takes to find a house. On the other hand, because there is less competition, you can take more time deciding whether or not a house will be the home of your dreams.
- Sellers have an incentive to accommodate you as much as they can when there are fewer buyers. This means that you can make a lower offer than you would during the summer months. You may even be able to convince people to sell you attractive fixtures that already exist in the home.
- Although it doesn’t snow a lot in Wilmington, temperatures can be very low at times. Visiting a house during the winter gives you the chance to find out whether or not the heating system and the hot water work. You can inspect the windows to determine if they are well-insulated.
- Real estate agents are not as busy during the wintertime. Therefore, they have time to search for the perfect home for you, and they will be available to you much more often than during the summer months. The winter months will benefit you when it comes time to apply for your loan as well because lenders bring people inside their doors by waiving their fees. Similarly, moving companies reduce fees for their services.
The Strength of the Wilmington Market
The median sales and listing prices make the Wilmington real estate market ripe for those who are searching for primary residences or vacation properties. With the winter months coming, it’s very likely that you will be able to purchase the Wilmington home of your dreams without the competition that spring and summer oftentimes bring.