4 Compelling Reasons to Buy a Home In Winter
It’s well known that the real estate market heats up when the weather is warm. Spring and summer are typically the busiest months in real estate. It’s more pleasurable to be touring homes, there is more daylight, 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 buying during the "off market" season. Check out the basic reasons we've outlined for you to find out how the process can be easier and faster during the winter season.
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 primary reason. As a homebuyer, there is nothing you can do to affect the number of homes for sale. However, since buyer demand is historically low this time of year, you're less likely to feel the pressure to make a rushed offer that you may end up regretting.
2. Sellers are Extremely Motivated
If someone is selling their home during the winter, it’s likely out of necessity, as winter is not an ideal time for sellers (fewer buyers on the market). Some of the most common reasons are: a death in the family, job relocation, and financial constraints. If the home has been sitting on the market for a number of months and just hasn’t sold, then you may be able to see real leverage. The longer the home sits on the market, the more negotiating power is in your hands.
3. Less Likely to Have Competing Offers
It’s basic 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 considerable money if you time it 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 be clear-
It can be very hard working with all parties involved since everyone is so busy! Sellers are showing their homes to multiple interested buyers, lenders are buried in processing paperwork, and everyone else seems to be on vacation at some point. You won’t have to fight for attention to be the priority in winter.