Real estate experts know that winter is actually the perfect season to buy a house. Because the weather is cold, it might be tempting to pause your house-shopping until spring and summer when you don’t have to freeze every time you step out of your door. There are benefits to looking for a house in winter, though.
Check out these benefits of buying in the winter:
1) Seasonal discounts
The winter is typically the slowest time of year for real estate markets. Homes are discounted to encourage buyers, because fewer people are buying in the winter. According to studies, buyers who close in January pay, on average, less 0.51 percent than at any other point of the year. That may not sound huge, but it’s a significant reduction. If you’re buying a house for $220,000, that’s over a thousand dollar decrease. That’s still money saved compared to if you buy during the peak months of August or September. You can use the cash instead to buy a good quality furniture or put it in your vacation fund for the upcoming summer.
So if you’re looking to get a good deal, this is the perfect time to buy!
2) More Time
There’s generally fewer buyers in winter because, like you, most people would rather stay put in their current home and not spend the holidays fussing over the process of buying and moving into a new house.
Most people aren’t looking for homes this time of year. This means that you can go to open houses without having to wait in line! You don’t have to rush your decision anymore because there’s nobody else buying at the same time as you.
You can take your time without worrying about missing out on good deals, since most listings are only available for a short time before someone snaps it up.
3) Sellers Want to Make a Sale ASAP
Sellers who are more likely to put their house on sale during winter tend to be desperate to move out. It can be because they got a job at another state, or they might want to go traveling. These properties could also be sitting unsold in the market for months.
No matter the reason, they’re much more willing to sell their house for a lower price because they don’t have much time left until they have to move out. This is a win-win situation. You, the buyer, have the upper hand in this situation since you can buy houses at a much lower cost and the seller will be happy to give it to you if you’re buying quickly!
4) Houses Close Faster, Too
Because there’s fewer competition and, often, agents aren’t as busy, the processes involved in buying a house go by much faster. Your mortgage lender will be more than happy to review your loan application quicker during winter because there isn’t a long line of people also waiting to be approved, so they can buy a house.
5) Movers aren’t Busy
If you’ve heard that moving houses when the weather is bad is a challenge, it’s true. It’s not pleasant to transfer all your belongings from one house to another, especially if you’re moving far away. However, that also means far fewer people are moving their stuff.
This means movers are more likely to be available whenever it’s most convenient for you. No need to move your schedule around which time or day is free for the moving company. You get to decide when you want the movers to arrive at your current home and pack up your stuff for transport.
Likely, because it’s off-season, there will be discounts, too! Because moving companies are also less busy, they’ll be more likely to give you a better deal!
Winter isn’t the most popular time for people to buy a house. Most real-estate activity happen during the warmer months. Winter is typically the slowest time of year for real-estate market, and buyers should take advantage of it.
First, there are fewer buyers in the market because most people would rather stay put during this season and not go through the hassle of buying and moving their house. Second, sellers want to make sure they sell their property before prices start increasing again so you may be able to get an excellent deal by negotiating with them now or paying less than what it cost at other times of year. There are also far more homes on sale during this time as well since many sellers who can’t wait until spring decide that now’s the best chance they have to move out quickly! Movers will also likely offer discounts. If you want to buy a house, do it now!