Should I buy a home in the winter?
Spring and summer are the high season for home sales, but winter can be a buyer’s market. If you don’t mind a smaller pool of homes for sale, or moving around the holidays, winter might be a great time for you to house shop.
Less Competition, More Leverage!
Since spring and summer are the most active real estate seasons, many home sellers wait until then to list their homes. That means there may be fewer homes for sale in the winter, but the winter sellers often have strong reasons to sell their homes soon, such as job relocation. These motivated sellers can be a boon to the home buyer.
While there may be fewer homes to choose from, the smaller selection can save you a lot of time. Do you really want to traipse through 50 houses? It may be simpler to view the smaller list of homes for sale in the winter and choose the one that best suits your needs.
Just as there are fewer homes for sale during the winter, there are also fewer buyers. This means less competition and sellers who are more willing to accommodate potential buyers. Use this knowledge to your advantage. You may be successful in offering a lower price than you normally would, (but not insultingly low), or ask for perks such as the living room furniture or the chandelier that you admire. The low number of potential buyers also means you have more time to make your decision. In the spring, you often need to choose a home and act quickly, but in winter you may be able to take a little more time.
Assessing a Home’s Winter Fitness
Viewing homes in the winter lets you see how it holds up to the weather. Did you feel cold while looking through the house? Are the windows letting in drafts?
Are there any cold rooms? Does the furnace seem to be operating properly?
Availability of Agents and Others
Another advantage of buying a home in the off-season is the greater availability of industry professionals. Real estate agents will have fewer clients and more time to focus on your home search. Lenders will be more accessible for questions and assistance. Some lenders even waive fees during the off-season to encourage borrowers to use their services. Likewise, movers tend to lower their costs during the winter months.
Gray Gardens or Winter Wonderland?
Home buyers can be turned off by the bleak look of prospective homes in winter. Bare trees and lawns covered in snow are not the most picturesque. However, you’ll be able to see how well neighbors tend driveways and sidewalks, whether the town plows or salts icy streets, and whether kids come out to play in the snow. Around the holidays, you might even see the neighborhood decorated in its winters finest.
Turn a negative into a positive. Buying in winter may not seem like the best time to buy, but it is the time when you will be most successful in negotiating a lower price.
Remember, successful people are the ones that do what everyone else is not. Buying when everyone else is not buying can get you the house that you want at the price you want.
Now put on a warm coat and get out there!
