Please vote in this poll using the sidebar.
Would you delay a home purchase based solely on poor weather?
- Yes (28%, 28 Votes)
- No (57%, 56 Votes)
- Only for the Dismal December Discharge of Aught-Eight (15%, 15 Votes)
Total Voters: 99
This poll will be active and displayed on the sidebar through 12.27.2008.
Jon S » Dec 21, 2008 at 9:02 pm
Nope, I’m sure many folks would, but we’re in the middle of drafting up an offer for a place during the middle of this snow storm. Our agent has 4WD and we’ve got chains, no big deal.
Ben » Dec 22, 2008 at 3:34 am
I would normally say no, but I have not driven anywhere for about a week, so it is unlikely that I would be able to look for or inspect properties normally if I was so inclined.
I can forsee the analysis of the numbers in the next couple of months. The bubble side will claim that the weather had nothing to do with it, and the always the right time to buy side will claim that the weather was the only reason why people did not buy. The truth is somewhere in between, and we will never know where.
buystocks » Dec 22, 2008 at 4:06 am
uh, the results of this poll are somewhat embarrassing. I’m a firm believer in way overpriced RE in seattle, but how can anybody argue that poor weather won’t delay real estate sales. If I can’t get my car out of my parking lot or like in 2006 when lots of people were focused on more basic needs like heat, why would I exert effort on buying a house? I bet lots of sales happened during and right after Katrina. Not admitting this is just as blind as a RE agent trying to argue the RE market is strong.
what goes up must come down » Dec 22, 2008 at 6:35 am
okay a few bad days of weather in Seattle can now change the economy — cool, therefore I guess the corollary must hold if the sun shines then I guess everything will recover and the market goes to 10000.
Gene » Dec 22, 2008 at 7:58 am
This weather is actually great for looking at home since you can determine: 1) Will the roof have ice "golly"s, potentially leading to costly repairs 2) How accessible is the house in a snow storm? Does metro still cover the area? etc.
If I can’t get to the home in this type of weather, then I likely can’t leave it – so it can affect a buying decision.
Interloper » Dec 22, 2008 at 9:01 am
The storms will delay buyers from house shopping but will not delay listings as much.
Therefore we can expect inventory to rise slightly (but not measurably) putting just a bit more downward pressure on home prices.
anony » Dec 22, 2008 at 9:59 am
Lots of people are truly terrified of the snow. I could imagine someone delaying paper signing for a few days, but that would all be made up the week after. It won’t actually result in less sales, just sales on the 26th instead of the 22nd.
deejayoh » Dec 22, 2008 at 10:37 am
How many people buy houses the week of Christmas anyway? It’s probably the slowest week of the year irrespective of the weather
WestSideBilly » Dec 22, 2008 at 11:02 am
Having moved during snowstorms before, I can assure you it sucks even more than moving does normally.
Of course, I wouldn’t hold off on a purchase if the logistics allowed for it.
Garth » Dec 22, 2008 at 11:17 am
I puchased a house during the huge winter windstorm, It actually was a great time as fence and roofing problems became obvious and we were able to lower our offer as it was pretty clear no new buyers were going to look at the house in the near term.
Plymster » Dec 22, 2008 at 11:31 am
Good point, Garth. That’s a handy tip.
You can also tell how poor the insulation is very easily (more icicles hanging from the eaves means more heat escaping through the roof), and see how the neighborhood accessibility stacks up in bad weather.
I have to agree with deejayoh, though, shoppers aren’t looking for a home right now, they’re looking for something for their Aunt Emmy.
The slowdown in closings next month would happen regardless of the weather, though it might slow down closings this month, depending on how many RE folks (escrow, lenders, etc) might be taking snow days. I would bet that banks dragging their feet on short sales are probably a bigger issue than the weather right now.
jon » Dec 22, 2008 at 11:58 am
You can’t tell the condition of the roof, driveway, or lawn if it is covered with snow. Even if the roof does have poor insulation, putting down a layer in the attic is a simple matter, and doing thermal imaging without snow cover is probably a more accurate way to evaluate the cost/benefit of the insulation.
My neighborhood has been impassable for days, and it is quite pleasant so far with all the cars left at the bottom of the hill. Only problem will be how to get my kids Christmas packages from UPS.
Alan » Dec 22, 2008 at 1:35 pm
After reading other comments, I agree that it will affect new pendings but not closings. We may see a dip in closings next month due to delayed pendings this month. But then next month’s pendings will get a boost from the delays this month.
In summary:
- Pendings lower this month and higher next month.
- Closings the same this month and lower next month.
anony » Dec 23, 2008 at 10:47 am
Then again, I couldn’t imagine people buying because the sun is out either, and that apparently happens. The amount of people dropping a half mil with an impulse buy mentality is stunning.
Never underestimate the foolishness of the American consumer.