The best season to buy a home is…winter! In addition to a reduced number of buyers plus more enthusiastic sellers, the slow season of winter allows all parties involved in a sale to really concentrate on each transaction that comes along. This can mean a shorter time period between offer and settlement. Let’s dive into the many advantages of purchasing real estate in the winter.
Reduced Competition
All prospective buyers ask themselves the same question. Which time of year is best to buy a house? The standard answer is spring and summer. That is why almost half of all home sales occur during the warm months, and less than 6% happen in January or February. These statistics do make sense seeing as the average person has lots of things to take care of at the beginning of the year.
Often in winter, people fall into procrastination and push big things (ex. buying a home) back to spring and summer. Consequently, there won’t be much of a fight for your dream home in the winter. There are fewer buyers and a lot less competition for home sales during the winter. Many buyers pull out of the market in the winter because they don’t want to take the time to house-hunt during the holiday season or they don’t want to buy in the middle of the school year (if they have kids).
Sellers in a Rush
If someone is willing to go to the trouble to sell their home during the holidays/winter season, they are usually more motivated to sell and willing to negotiate. The cold season leads to a drop in inventory for the housing market. Typically, this would benefit the seller, and it often does. However, some sellers need to sell their property as soon as possible. Sellers know that most people wait to shop for a home until its warm out and will wait for the increase in buyers. But, some sellers cannot wait that long. Urgency can cause sellers to be more flexible in asking price or repairs, among other items throughout the transaction. They may be highly motivated to make the process quicker because of the provider’s death, loss of a job, or a new job opportunity that can’t wait. Whatever the reason, a seller’s’ urgency can be beneficial for the buyer.
Faster Process
With the fewer amount of buyers on the lookout, there aren’t as many transactions taking up the time of the professionals working alongside you. Realtors have more time for each client, as do lawyers, title companies, appraisers, and lenders. Every step of the way, your needs, questions, and requests will be handled with even more efficiency than those during the busier months.
Winter Reveals the Unseen
Shopping for a house in the heat of summer reveals the concerns one may have for this season, especially if there is no shade. Still, the winter season chill exposes a home’s strengths and weaknesses, unlike any other season. So many things could fall apart in a house during winter. Pipes crack, gutters overflow, furnaces may be faulty, heat escapes through chimneys and attics, moisture may damage roofing, and the list goes on. The point is, houses need to stay strong through the winter, and you won’t know if they can if you only see them in the summer. Shopping for a house in winter allows you to determine how durable the structure is throughout the cold.
Ask Your Mortgage Lender
To find out if the winter season is the best time to buy a home for you, speak with a reputable mortgage lender. Buyers are advised to have their finances prepared as soon as possible. Homebuyers should consult with their mortgage lender to ensure they are getting the best rate relative to their financial situation. This blog covers just a few of the reasons why it is beneficial for homebuyers to buy a house during the winter season. To learn more about how you can get pre-approved, secure a low mortgage rate, and the other factors that impact your home loan process, you can contact our expert team of Mortgage Analysts. Our team is available 7 days week by phone at (855) 855-4491 or by email at [email protected].
