In the real estate world, spring and summer are the prime seasons for buying or selling new homes. School is out, the weather is more suitable for moving, and a more appealing curb appeal adds value to a property. However, if you have flexibility and can brave the cold, buying a new home in winter may be your best bet. Here are 5 great reasons why.
1. Possibility of a Better Deal
Beginning in late autumn, the number of homes available for sale begins to drop. Since most people tend to move mid-year, demand for homes shrinks. More homes on the market than the number of prospective home buyers can mean a lower price for you. Lower prices are especially noticeable for starter homes, but by January, homes in all categories tend to show a price drop.
With average prices dropping by nearly 5% compared to late spring and summer, home sellers are more motivated to sell at a lower price. This means more money in your pocket to invest in upgrades and to cover moving expenses.
2. Less Competition
Just as you have fewer choices, home sellers have fewer offers in winter. Fewer buyers means less competition. When home shopping in winter, you’ll encounter fewer bidding wars and avoid the crowds that pack open houses.
Beginning in late fall, most homeowners are focused on preparing their homes for winter and getting ready for the holidays. With fewer buyers on the market, a seller wanting to unload their home quickly will be more inclined to lower the asking price.
As a boost, you’ll get more attention from your real estate agent and other mortgage professionals.
3. A Chance to See the Issues Winter Reveals
Homes put their best foot forward in spring and summer. In most areas, winter is the roughest season on a house. When you shop for a home in the cold season, you’ll have a better chance to see how a home performs in bad weather. You’ll have the opportunity to see any damage winter weather has caused to the roof and ice dam formation. You’ll see how the local officials respond to snow and icy roads in a particular neighborhood.
Touring a home indoors in winter will reveal issues such as roof leaks, drafty rooms, and how efficiently the heating system functions.
4. The Process Moves Faster
You could move into your new home faster in winter. The real estate market is busiest in the spring and summer, and busy mortgage professionals are more likely to fall behind. Closing dates for clients will be scheduled further apart. That means a longer wait time to get into your home while paperwork is done and loose ends are tied up.
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5. More Movers are Available
Since more new homes are sold and bought in the warmer seasons, it stands to be a good reason that movers are slammed with business. Although it’s harder to move in bad weather, having your choice of movers with the best reputation will make up for the difference. In addition to being easier to book, you’ll likely find the best deal in the dead of winter since the moving company won’t be booked solid.
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