Five Reasons to Buy a House in Winter
Generally speaking, winter is the down season for the real estate market. However, while it’s true that things tend to slow down during the winter months, there are a few good reasons why you should buy a home in the winter…
Many factors influence housing prices, including the time of year. Historically speaking, the real estate market tends to heat up with the weather, meaning home prices are generally highest in June and lowest in January. According to a study from NerdWallet, during those months houses typically cost 8.45% less than they do in June and August. Lower prices in the wintertime have a double advantage for buyers: they can either save you money or increase your chances to afford the home you really want.
Most buyers wait until the spring and summer months to shop for their next home, so buying during the winter months means you will encounter less competition and can be more selective with your home purchase. Yes, there may be fewer homes to choose from, but you’ll be more likely to have your offer accepted. Fewer buyers on the market also mean you are likely to avoid stressful bidding wars and negotiate a nice deal with the sellers who tend to be more motivated during the winter months.
That brings us to Reason #3. Sellers who decide to list their homes in the winter, instead of waiting for spring or summer months, when there are generally more buyers, are likely in need of selling. Many of them are looking to get out fast and will be more likely to negotiate with you for a win-win deal. Work with your realtor to find out how long the house has been on the market and what might be a good price to offer.
While the weather outside may be frightful, it does have its advantages to the buyers. When you house shop in the summer, you’re seeing homes at their best. But in the winter, you’ll know exactly what to expect in bad weather. Rainy, snowy and windy conditions allow you to see the true state of the home and evaluate the property under the worst conditions possible.
Since the real estate market is seeing less activity during the winter months, your mortgage broker won’t be as backed up, meaning wait times are much shorter during the holiday season. It is also easier to schedule home inspections, appraisals and closings during the winter months, making the process faster than during other times of the year. Even hiring movers might be a bit easier (and cheaper) in the winter due to lower demand.
At first, buying a home in the winter might sound like a bad idea, but it might actually mean a better deal and a faster closing. If you’re ready to start the search, contact us today
, and we’ll be happy to find you your dream home!