It is said that spring is the time to buy a home but is this always the case? During the winter its cold and everyone is focusing on the holidays so it might just be the right time to search for a home. During the winter there is less competition and motivated sellers. Here are several reasons why it just might work for you.
Less competition
Homebuyers tend to buy during the warmer months so the colder months have less homebuyers in the market. For family with kids, the summer is the best time to make a big family change like moving. Remember, during the winter, without as much competition, you are more likely to win a bidding war in a competitive market.
Faster escrow closing
Since home sale surge during the spring/summer, loan officers are extremely busy. Since there are less homebuyers during the winter, the loan processors are not as busy. You can move through the loan process faster and more efficiently.
Motivated sellers
There usually is a reason a seller list during the winter. Generally they do so out of need, not desire. If you are looking during the winter you can take advantage of this.
Lower home prices
Usually sellers who sell during the winter need to sell. When sellers need to sell for a reason they usually price to sell. The winter is the time to find a home for a bit lower price.
Inclement weather showings
Looking at home in the wind, rain or snow will give you a good idea of how much the house can withstand. Ask to look at current utility bills to see how they house holds up in hard weather. If the home is drafty, this is the perfect time to figure that out.
Final note on buying in winter versus spring
Trends can vary region to region so it should be a person choice of when you want to hit the market. Contact a Realtor if you are in the market for a new home. No matter the season, a local sale agent can help you along the way.
