Winter has arrived! The temperatures have dropped and Christmas is only days away. So one may wonder is this a good time to buy a home? The answer is a resounding YES!
Buying a home during the winter may seem like a fool’s errand, but it is actually a clever time to buy. Here are a few reasons why:
Even though there is less inventory, there are also less buyers. Everyone knows that Spring and Summer are the best times to buy a home. It is warmer and those with families or are planning to start one, begin looking at school districts and wanting to get into the best neighborhoods. This also means that even though you may find your dream home so have a dozen other potential home buyers causing a bidding war that you may not be prepared to fight. During the colder times of the year, fewer people are looking and fewer people are selling. This can be great news for you as you may not have quite so many cash buyers and those willing to pay over the asking price.
Thespruce.com tells us all the low activity in the winter will result in sellers being far more motivated to sell. Real estate agents know that the slow winter months are when sellers are more willing to negotiate, whether it is on selling price, closing costs, closing date or even terms of the sale, including what household appliances and items are included in the sale. And these are all the very reasons that many real estate agents recommend that their clients delay listing their homes till at least the spring. The winter is not a great time for sellers, in general.
Winter is also the perfect time to take a look at how the house looks and feels in harsher climate. During this time you can check the windows to see if they are drafty, how warm does the house feel with the furnace running, are there ice dams on the roof (if you live in a colder climate than Texas), and is the home still aesthetically pleasing with bare trees and bushes?
Anyone who has purchased a home before knows that during peak real estate months, you must work around your lender’s schedule for your closing. At the end beginning of the year home sales drop 25-30% hopefully allowing you to close on your new home quicker.
Speaking of having to wait, did you know that it is easier to hire movers during cooler months as well? Since the moving busy season tends to be during late Spring to late Summer, hiring movers can be daunting to say the least. Sometimes you may even get lucky and get a break in price because moving companies need the work.
Many people may feel that searching and buying a home during the winter months isn’t ideal, but with a little knowledge and open mind, you could be sitting by your new fireplace in less time that you thought possible.