❄️ Why Winter Is The Best Time To Buy A House
If you think that moving during Winter is a bad idea - think again! Here are 3 reasons why this could be the smartest time to buy a house.
Many buyers aren’t eager to house hunt as the temperatures begin to drop, making sellers are more motivated. That means buyers can find attractive deals and win concessions they might not be able to secure in warmer months. As a buyer, you can use this knowledge to your advantage: sellers who are willing to market their home during the holiday season usually need to move right away.
Calendars also become packed around the holidays - holiday shopping, social events and family obligations - very few of us would want to add more to our already busy schedules, especially something as important as selling your home. Meaning? These sellers are moving for a reason: maybe new job, a progressing relationship, a change to the family dynamic - any number of factors that are important enough that they’re willing to inconvenience themselves during the craziest time of year.
If they’re willing to compromise their time, they’ll probably be willing to negotiate on price, as well! Be sure to consult with your Realtor, as they are the best person to help you decide how to make an offer based on your current market.
Is coming in under budget your top priority? Then buying in the Wintertime is probably your best bet. A study from Zillow found that homes sold for $3,100 less than average when they were listed in the second half of December. Even properties listed in the second half of October sold for $1,600 less than average. You could save thousands just by buying now.
The House Reveals Its True Colours
Just like a freshly washed car, everything looks better on a bright, Summer day.
One reason why most agents encourage their clients to list during the warmer months is because it literally gets shown in the best possible light. Properties are displayed in their prime: the most natural lighting; comfortable, neutral temperatures with the landscaping green and in full bloom.
In the Winter, sellers can't hide behind those advantages: potential buyers will know if the heat isn't working correctly; they’ll know if certain rooms and windows are drafty; and with less daylight hours, buyers will most likely be viewing a property after the sun has gone down.
As the buyer, you should always go into showings with a discerning eye, but house hunting in the Wintertime can help make possible deal breakers appear much more apparent. How much shoveling, if any, will need to be done if there's snow? What about ice? Will the driveway be safe for young children or elderly family members? How well-insulated is the home?
Identify any potential issues to factor into your decision making process.
Spring is generally the most common time to buy, which equates to one major advantage for you: less competition.
Many buyers will wait until Spring, which puts them in league with the masses.
The market is always crowded during the Springtime - with people coming back from vacations, people with more energy to look after the holidays, implementing a "new year, new home" resolution or even just planning around their kids' school schedule - you will end up fighting over inventory along with everyone else that decided to wait out the Winter.
While inventory can be limited during the colder season, so can the number of potential buyers you’ll be competing against. Sellers will appreciate someone willing to brave the icy roads, rain and even snow to come see the property.
Another point to less competition? With fewer interested parties, there's less of a chance you’ll have to deal with a dreaded, high-stress multiple offer situation.