It’s a great idea to invest in real estate, especially in markets like Telluride. The main question is, when is the best time to purchase an investment property in Telluride, CO real estate?
Anytime between winter and spring may be the perfect time to invest in real estate for the following reasons:
- Price reductions
Sellers often pull out their properties off the market in the winter. The ones who do keep selling well into the season may be under pressure to sell. To attract buyers, it’s common for these sellers to offer special holiday prices and discounts, especially if they are highly motivated to make a sale.
- It’s almost the new year
During winter, almost everyone is enjoying the holiday spirit and anticipating the new year, which represents a fresh start. This can positively affect your side when it’s time to negotiate for the investment property you’re eyeing.
- Less competition
One of the reasons why sellers take their properties off the market during the winter is because buyers also take a break from house hunting in this period. It could be because it’s colder or they’re more focused on other holiday pursuits (or both!) And with everyone else busy, there’s less competition in the market.
- Tax advantages
If you’re buying a real estate property and closing before New Year’s Eve, you might be able to qualify for end-of-year tax benefits. These deductions also apply to sellers who are about to file their tax returns for that year.
- More time to do almost everything
With less competition in the market, you won’t really be in a hurry to make an offer or finish the transaction as soon as possible (unless you’re trying to meet a personal deadline). This luxury of time will allow you to think about things carefully, see how the property fares during harsher weather, and arrange for an extensive home inspection.
When spring comes, you’ll have less time to do everything as the demand and competition picks up.
If the selection of real estate options are too limited for you in the winter, continue your search as soon as spring begins.
- There are more options
As soon as the weather starts getting better, you can expect sellers to come out of the woodwork and list their properties for sale. Of course, buyers will also start looking into the market, so start early. If possible, begin your hunt in the winter or late fall and explore other options as it gets warmer if you still haven’t found the one.
- Property inspections are easier to fulfill
As the snow melts, it will be much easier to have home or property inspections done. Your inspector will be able to identify cosmetic and structural issues without having to face frozen pipes, snow-covered roofs, and whatnot.
To make your search easier, know what you want
Identify what you’re looking for in an investment property as early as possible to narrow down your options in Telluride, CO real estate. Of course, working with local realtors will also help! Contact us today or give us a call at 970.728.0213 to find the perfect investment property in America’s coolest ski town.
Jim Lucarelli, Broker/Owner