5 Reasons Winter Is a Great Time to Buy a Home
Winter can be a very busy time for many of us. We’re busy cooking large meals, preparing for the holidays, and getting ready to deal with the cold.
But you may find yourself cursing your current living arrangements. Maybe you don’t have enough space to host your family for a New Year’s Eve party. Maybe your driveway is too steep, and you end up fighting the ice all winter. Or maybe your youngest headed off to college in the fall and it’s time to downsize. Whatever your reason for considering a home purchase, the winter can actually be a great time to buy.
The seasons are an important factor in the housing market since they have an impact on housing demand and supply. Here are 5 reasons why you should consider a move this winter.
1. Skip the crowds
Have you been worrying about fierce competition in the housing market? According to the National Association of Realtors (NAR), along with November, December through February are the slowest months of the year for home purchases. In fact, housing sales can decline more than 30% compared to the peak season.
It makes sense when you really sit down and think about. Who wants to go to open houses when it’s freezing out? Lower inventory and bad weather mean that in many markets, far fewer people are competing to buy the same houses.
But it may be worth the effort. You likely won’t have to deal with the crowds and can spend more time looking over a home to make sure you want to buy it.
2. You may save on your purchase
The lack of buyers in the winter means bidding wars are less likely, depending on where you are looking for a home, so you may be able to negotiate a lower price. And a lower purchase price often means lower average closing costs, and even lower monthly mortgage payments.
According to Zillow, homes listed in late December sell for 1.5% less on average. That may not sound like much, but when we’re talking about the price of a home, even that small percentage can save you thousands of dollars. Your local Loan Officer can help you run the numbers.
The lack of competition combined with the sellers’ eagerness to sell gives you an advantage. They may even be willing to relax some of the contingencies or agree to let you move in earlier than they anticipated. They may even agree to help you with a Temporary Buydown, which can help you save on your mortgage payments.
3. Sellers may be more eager
Because there are fewer potential buyers swinging by, sellers may be more willing to compromise during this period. You have the upper hand with less competition.
Many sellers are more motivated to negotiate during the winter months when home sales tend to slow down. You may be able to talk them down more than you would in the summer when sellers can usually get higher prices for their house.
Remember, it can look bad for a home to be on the market a long time, so the homeowners may be willing to work with you. The busier spring season is a long way off, so they may even be willing to accept a lower offer.
4. You’re seeing the home during bad weather
Winter often comes with frigid temperatures and hues of grey. But the drab environment is an opportunity to see a home at its worst, without spring flowers to distract you.
Viewing a home in the winter allows you to see how it holds up to snow, ice, and low temperatures. You can see if the fireplace really works or how drafty the windows are. Don’t forget to check out the neighborhood while you’re there and see how well the roads are kept up.
5. Everything is faster
Everyone involved in the home purchasing process, from your agent to your lender to your title company, is busier in the spring and summer months. Purchasing a home in the winter when there are less homebuyers means that everyone will be able to focus on your transaction and closing it quickly.
Key players in the purchase aren’t the only ones busier in the summer. Helpful services, such as movers, are also slammed because everyone wants to buy a new house and move during the summer when the kids are out of school. It’ll be much easier to book movers around your schedule in the winter because they aren’t booked solid. And, you might be able to negotiate a better deal.
In Summary
As you can see, buying a home in the winter months can be a great way of getting a better deal on your dream house. With fewer buyers and limited inventory, sellers who do keep their homes on the market are more motivated to sell. You’ll have less competition and more negotiating power.
If you’re ready to learn more about the loan process, find a local Loan Officer near you or visit our Loan Options page.
But you may find yourself cursing your current living arrangements. Maybe you don’t have enough space to host your family for a New Year’s Eve party. Maybe your driveway is too steep, and you end up fighting the ice all winter. Or maybe your youngest headed off to college in the fall and it’s time to downsize. Whatever your reason for considering a home purchase, the winter can actually be a great time to buy.
The seasons are an important factor in the housing market since they have an impact on housing demand and supply. Here are 5 reasons why you should consider a move this winter.
1. Skip the crowds
Have you been worrying about fierce competition in the housing market? According to the National Association of Realtors (NAR), along with November, December through February are the slowest months of the year for home purchases. In fact, housing sales can decline more than 30% compared to the peak season.
It makes sense when you really sit down and think about. Who wants to go to open houses when it’s freezing out? Lower inventory and bad weather mean that in many markets, far fewer people are competing to buy the same houses.
But it may be worth the effort. You likely won’t have to deal with the crowds and can spend more time looking over a home to make sure you want to buy it.
2. You may save on your purchase
The lack of buyers in the winter means bidding wars are less likely, depending on where you are looking for a home, so you may be able to negotiate a lower price. And a lower purchase price often means lower average closing costs, and even lower monthly mortgage payments.
According to Zillow, homes listed in late December sell for 1.5% less on average. That may not sound like much, but when we’re talking about the price of a home, even that small percentage can save you thousands of dollars. Your local Loan Officer can help you run the numbers.
The lack of competition combined with the sellers’ eagerness to sell gives you an advantage. They may even be willing to relax some of the contingencies or agree to let you move in earlier than they anticipated. They may even agree to help you with a Temporary Buydown, which can help you save on your mortgage payments.
3. Sellers may be more eager
Because there are fewer potential buyers swinging by, sellers may be more willing to compromise during this period. You have the upper hand with less competition.
Many sellers are more motivated to negotiate during the winter months when home sales tend to slow down. You may be able to talk them down more than you would in the summer when sellers can usually get higher prices for their house.
Remember, it can look bad for a home to be on the market a long time, so the homeowners may be willing to work with you. The busier spring season is a long way off, so they may even be willing to accept a lower offer.
4. You’re seeing the home during bad weather
Winter often comes with frigid temperatures and hues of grey. But the drab environment is an opportunity to see a home at its worst, without spring flowers to distract you.
Viewing a home in the winter allows you to see how it holds up to snow, ice, and low temperatures. You can see if the fireplace really works or how drafty the windows are. Don’t forget to check out the neighborhood while you’re there and see how well the roads are kept up.
5. Everything is faster
Everyone involved in the home purchasing process, from your agent to your lender to your title company, is busier in the spring and summer months. Purchasing a home in the winter when there are less homebuyers means that everyone will be able to focus on your transaction and closing it quickly.
Key players in the purchase aren’t the only ones busier in the summer. Helpful services, such as movers, are also slammed because everyone wants to buy a new house and move during the summer when the kids are out of school. It’ll be much easier to book movers around your schedule in the winter because they aren’t booked solid. And, you might be able to negotiate a better deal.
In Summary
As you can see, buying a home in the winter months can be a great way of getting a better deal on your dream house. With fewer buyers and limited inventory, sellers who do keep their homes on the market are more motivated to sell. You’ll have less competition and more negotiating power.
If you’re ready to learn more about the loan process, find a local Loan Officer near you or visit our Loan Options page.