Common real estate wisdom tells us that spring and summer are the best times to buy a home. Despite the truth behind this statement, there are some logical and compelling reasons for buying a home in the winter as well.
1.There are fewer other buyers.
The most obvious reason to buy in winter is that few other people are doing it. Especially if you live in or want to move into an area with a strong seller’s market (more buyers than homes), looking in the winter means less competition for the available inventory.
2. Prices are often lower.
Because there is less competition, houses are priced lower than during peak season. If you are looking for a home on a tight budget, this makes a winter sale attractive.
3. Sellers are motivated.
Why are prices lower? Because most people selling in the winter aren’t interested in waiting through a long buying cycle. A good real estate agent knows that sellers are more likely to negotiate during the winter, which could save you money on closing costs or improve the terms of the sale in your favor.
4. The seller’s circumstances might be prompting the sale.
Since it is common wisdom that sellers will do better in the spring and summer, someone selling their home in the winter might have been forced into the choice by other circumstances, like personal issues or a new job. While this may make some sellers less attractive–make sure they are in a stable financial situation–it can also give you a strong edge in negotiations.
5. Your real estate agent will have more time.
A slower season means you will have the undivided attention of your real estate agent. The leaner months of low sales also encourage realtors to try just a little bit harder in negotiations.
In the United States, winter is still a great time to look for a new home. Don’t let the cold stop you from house hunting.