Buying a home in Winter
It’s no secret that real estate transactions heat up when the weather is warm. Spring and summer months are typically the busiest months in real estate. I mean isn't it more pleasurable to be touring homes when it’s NOT snowing or -40 with the wind chill factor? Sellers can make their yards and the exterior of their homes enticing, and the moving process is less of a nightmare when you are moving in a t-shirt.
But as a homebuyer, there are some serious advantages to swimming against the current. So grab a hat, put on those Hudson Bay mittens, hold on to your Timmy's coffee for warmth, and learn how the overall process can be easier and faster for you.
If you’re considering buying a home, here are 4 compelling reasons to do so in the winter:
1. Limited buyer competition.
This is the #1 reason. You’re going to find that there is far less competition in the winter since most homebuyers think that this is not the time to look for a home. Demand is historically low this time of year and you won’t feel the pressure to make a rash offer that you may end up regretting. Take the time to be more calculated! In the Spring, a house may have had 10-15 offers, in the winter, it has 3, this just happened to us. I'll take those odds!
2. Sellers are extremely motivated.
If someone is selling their home during the winter, you can almost guarantee that it’s out of necessity vs. testing the market. Winter is not an ideal time for sellers. Common reasons include: family reasons, job relocation, and financial constraints. And if the home has been sitting on the market for a number of months and just hasn’t sold, then you’re really in control. The longer the home sits on the market, the more negotiating power you can yield.
3. Less likely to have competing offers
It’s simple economics. Demand is low which gives you the upper hand when it comes time to negotiate a deal. Again, sellers tend to be extremely motivated (if not desperate) this time of year so if the offer is reasonable, it’s likely to be accepted. You can find yourself saving some big bucks if your timing is just right!
4. Everyone is less busy.
If you haven’t been part of a real estate transaction deal at the height of summer, then let me explain something. It can be very hard working with all parties involved since everyone is so busy! Sellers and buys showing their homes to multiple interested buyers, lenders are buried in processing paperwork, and everyone else seems to be on vacation. You won’t have to fight for attention to get the ball rolling in the winter.
Now that you have 4 compelling reasons to start looking, grab that hat and mittens if you haven't already done so and let’s get out there and house hunt!