Is the winter a good time to buy a home? There are several significant advantages to buying a home during the snowy season. Here are the motivating factors that will help you come out on top.
Less Inventory and Less Competition
In most markets, winter usually means a lower inventory with less houses on the market. While this is often the case, it’s possible to find the right space and with fewer people looking, you’ll have less competition.
Lower Prices
When you have fewer buyers in the market, supply exceeds demand. This usually results in prices being lower than during the hot or peak season.
Motivated Sellers
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.
What Are the Seller’s Circumstances?
Furthermore, there are the circumstances hinted at above when sellers are forced to sell during the winter. Perhaps a job offer has dictated a winter move, or the seller may have personal issues that are dictating his/her actions – financial issues, divorce, etc. Again, this may work to the buyer’s advantage as the seller will be very motivated.
Fewer Chances That There Will Be Multiple Offers on the House You Want
Another reason that winter can be such a buyer’s market for real estate is that the fewer number of buyers competing for homes means that the chances of there being multiple offers on a single property are greatly reduced. This again translates to buyers having the upper hand over sellers in the negotiations.
Your Real Estate Agent Will Work Harder For You
Low activity during the winter months also means you will have the undivided attention of your realtor, and he or she will be working harder for you. These lean months of low sales volume encourage realtors to try just that little bit harder to negotiate a sale.
So brave the cold, pull on a winter coat, and get out there and house hunt. Remember that in the U.S., it is still a great time to invest in real estate. Prices are low and so are interest rates.
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