Though most people probably agree it might not be the ideal time to buy a house, house hunting in the winter can lead to some great opportunities.
You might find yourself in a position where you need to move during the winter (new job, losing your current rental, family illness). Or perhaps winter is the only time you have for home shopping. Whatever the reason, we have outlined what you should know about winter home hunting and buying.
Most sellers that have their home on the market in the winter are motivated sellers. Perhaps they listed their home during the summer or fall and it did not sell, or maybe a life-changing event has taken place and they are being forced to sell. Either way, this could lead to buyers having more room to negotiate to finalize the deal.
If you have waited until winter to begin your search, you have the benefit of having less competition. This leads to less bidding wars and less chance of being out-bid.
Having less homes on the market during the winter leads to less closings for your lender. This, in turn, leads to a faster closing for you.
As with lenders, with less homes for sale you will also find the real estate agents are not as busy. The real estate agent you choose to work with will have more time to concentrate on exactly what it is you are looking for and have the time to negotiate effectively.
Lower prices follow lower demand. When there is high demand for houses, sellers are able to keep their asking prices higher. However, when there are not as many buyers out there, sellers either need to reduce their asking price or take a chance in having their house sit on the market until demand increases.
Purchasing a home during the winter has its pros and cons.
You’ll be able to evaluate aspects of the home that you might not have been able to in the summer. For instance, you would see how well the heating system works and how drafty windows and doors are.
You would also see firsthand how the property looks when landscape is at a minimum. However, this might also leave you asking how it looks when spring comes around. Don’t hesitate to request spring and summer pictures of the property that showcase the landscaping, flowers and trees in bloom.
On the other hand, there might be systems you cannot check, such as central air and the irrigation system.
While it isn’t ideal for everyone, buying in the winter might be worth the hassle of moving in the snow. The decreased competition, motivated sellers and lower asking prices could put you in your dream home faster and with more money left in your pocket than if you waited until spring to start your house hunting quest.