This is mostly a question for those in CT and the northeast, but anyone could chime in. What are the buying and selling seasons like in the northeast? Are home owners buying homes during the winter months ( Nov-March?) I am hoping to begin a fix and flip project soon but my projected time frame has me getting the property on the market in Jan/Feb.
I am a little concerned about that and kind of thinking I should delay a few months and aim for having it ready by early spring so I don't have something sitting for too long. Am I over thinking this?
I am from Maryland but operate in warmer states where there is no snow. I can tell you that there is a definite winter time season. That is when I buy all my great deals.
I was wondering the same thing actually. Even though the great deals come during the winter, I would think it will be hard to sell it during these months. Sorry I dont have an answer, but Ill be following to see if someone else will have it for you.
Thanks Elizabeth Colegrove
Do you find that contractors rates are also lower in the winter?
Honestly I have not had to hire contractors so I don't know about their prices in the winter. I would make an educated guess that it is their slow time!
As an investor I have found my deals in the winter time. In my areas there are definite moving season.
I don't think you should delay. With you doing renovations in the fall into winter months, you may experience some set backs. You will be a couple months ahead of the next season when you are done. Do a short term listing from Jan-Mar if you don't get any offers then relist in the spring season.
I am based in Maryland and in this market end buyers tend to be more active during spring and end of summer/ fall season when kids are back in school and vacations are done. Winter tends to be lowest in activity.
Doing rehabs during the winter in this area can be tough especially if your property doesn't have heat. Most people in this area (Including me) are wimps when it comes to winter :-) ... I went through one this past winter and it was not fun wrestling my contractors but as long as you stay ahead in payments they will respond especially with holiday season coming up, just be fair and pay as promised. At the end of the day, the name of the game is get it done, period!
@Gilbert Ross Jr thats a good point. If I am unable to sell and need to re-list though, I am afraid holding costs will really start to cut into my profits. Any way to minimize holding costs in this scenario?
@Johnson Ejalu Thanks for the tip. I can see how doing a rehab this past winter would have been pretty challenging. Not sure I want to get involved in a project during that time frame!
@Zachary Mowery You don't have to pay the taxes and water each quarter. Depending on the offer you get the seller can pay for the taxes and water. That can be negotiated depending on what the offer is. You will have to see what the offer is and see your profit margin, maybe you do pay them at closing or you split the cost with the buyer.
To make the @ work, do the following:
Hold down the shift key and type @?
Look below this Window, and you will see a list of names of people that have posted in this thread.
Click on the name of the person that you want notified via an email, that you responded to them.
If you are a Colleague with anyone that has NOT posted in the thread, and you want them to see your post, hold down the shift key, type the @ and the first 4 letters of their First or Last Name.
Then look below this Window and click on that person's name.
buy between October and march. Rent between may and august
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing