While the winter months may have a reputation of slowing down in the real estate market, November through February may be the best time of year to buy a home. Here are five reasons we encourage buyers to add “a new home” to their wish list this season.
Less competition
The best reason to shop for a new home in the winter is because it’s considered the “off season.” Fewer buyers are competing for the same homes, so a low demand can work in a buyers favor. For homeowners seeking traditional financing, searching in the winter months often means fewer all-cash, over-asking offers to compete with. Investors looking for good deals often increase their odds this time of year, taking advantage of sellers motivated to move.
Minimize extra costs
It’s challenging finding a moving crew, truck rental, and storage facilities in the middle of summer, but there are plenty to choose from in the winter months. Trends show moving companies offer discounts or specials December through February to entice movers.
Motivated sellers
Sellers are often far more willing to negotiate on selling price, closing costs, closing dates or terms of the sale in slow winter months. Whether sellers are trying to move before the holidays or plan a long winter getaway, low activity often encourages sellers to be more flexible.
A view beyond curb appeal
In perfect weather, it’s easy for buyers to see themselves enjoying a family barbecue or softball game, while ignoring the need for a new deck or roof. But on overcast or chilly days, buyers may have a more realistic picture of what home maintenance challenges lie in front of them. While curb appeal and staging lures buyers in, it is always important to have a true idea of what owning any particular home will be like. New windows may not seem important in July, but a drafty day in January is another story.
Faster service
In June it may take weeks to hear back from a mortgage broker or lender on your loan status, but with shorter service times and more time available for each client, the winter months offer faster service rates across the board.
Are you ready to take advantage of buying in the winter months? Contact one of our professional agents to start creating your perfect wish list.
