Are there advantages to buying a home in the Winter? We think yes! Although Spring and Fall are the most popular times to purchase and sell a home, the wintertime can offer some advantages that the other seasons can’t. There may not be as many homes to choose from if you’re buying a home in the Winter, but you also won’t have the competition that the spring and fall markets see.
Is It Cheaper to Buy in the Winter?
During the colder months of the year, you can leverage the weather to your advantage because you’re a buying-rarity. There is far less competition and buyers looking, which could give you negotiating power, putting you in control of the transaction. A seller knows that someone who is driving through the snow and cold weather rather than hibernating at home in front of the fire is a pretty serious buyer.
At this time of year, you also may benefit from a discount too as sellers are eager to unload their homes. Sellers that don’t want to wait until the popular selling seasons like Spring usually have a good reason for selling at that time. Perhaps there is a new job opportunity on the table for the sellers that is going to make them want to move quickly or a change in lifestyle needs. Buyers can take advantage of these situations in the winter and perhaps get a home of their dreams for less than they would possibly pay during the warmer months.
Fewer Bidding Wars in Winter
Less buyers in the Winter means less competition for your purchase. Not very many are willing to brave the temperatures to visit an open house as they are in the spring when there is more inventory. The benefit of this is that you’ll have plenty of breathing room – hot markets are typically when bidding wars occur so if looking in the colder months, you’ll be able to take your time and not have to make a major decision within 24 hours of seeing a house that you like. The likelihood of multiple offers is far less, so sticking within your budget is also more feasible.
A Smaller Selection Can Be a Good Thing
If you’re the type of buyer that has a hard time pulling the trigger, buying a home in Winter may have benefits for your stress level as well. With fewer homes to choose from, you won’t have to content with home-FOMO – the fear of missing out on another house if you decide too quickly. With a limited selection of homes, you’ll only have a handful to choose from – this may help buyers narrow down their wish list to what is really important to them and provide for an easier decision-making process overall.
Quicker Mortgage Closings
The winter months in the Real Estate world can be a bit slower for those who also service the industry. Mortgage brokers and banks may have more time to process your files quickly. The same can be said about lawyers, home inspectors and contractors.
Cheaper Moving & Renovating Costs
Securing time and negotiating with vendors such as movers and contractors may also be much easier in the wintertime. With fewer people moving in and moving out, companies that specialize in this process will have fairly flexible schedules. Getting booked at the beginning or end of a month at a decent rate will be much easier in the winter than in the spring and fall months. No need to worry about a mid-month move to save money!
Another advantage to buying during the wintertime is if you need to do some work, you’ll be able to secure a contracting team quicker than you would in the spring. Many contractors site January to March as a slower time for their work, so if you’re able to move quickly into your new home and are fairly decisive on the work you need, you’ll be able to get things done ahead of the warmer months and take full advantage of the spring and summer enjoying your new home.
If you’re thinking of upgrading into a new home, or perhaps even buying your first home we recommend giving serious consideration to start looking right away. Don’t wait until the spring real estate market – see what’s out there now. What’s the worst that could happen? You don’t find anything? Get the process going – see what you like and don’t like. If you don’t find a home, it’s ok! But think about if you do – you’ll start the New Year with a new home, and be ahead of the game, and all of the other buyers that are sure to flood the spring market.