4 Compelling Reasons to Buy 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- it’s more pleasurable to be touring homes when it’s warm, 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 and mittens, soak up some knowledge, 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. Since it’s taboo to buy a home in the winter, you’re going to find that there is far less competition in the winter. Since demand is historically low this time of year, you won’t feel the pressure to make a rush offer that you may end up regretting. Take the time to be more calculated!
2. Sellers are extremely motivated.
If someone is selling their home during the winter, you can almost guarantee that it’s out of necessity- winter is not an ideal time for sellers. Common reasons include: a death in the family, 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 have.
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 you time it right!
4. Everyone is less busy.
At the height of the summer, lenders are buried in paperwork. That means your transaction will probably move along more quickly and with fewer issues than it would in the summer. You won't have to fight for attention to keep the ball rolling.
Now that you have 4 compelling reasons, grab that hat and mittens if you haven't already done so and get out there and house hunt!