5 Reasons You Should Start House-Hunting in Winter
Reasons You Should Start House-Hunting in Winter
The traditional peak of the real estate market has always been in summer, when families moving home would try and complete their purchase before the new school year began in the fall. This time constraint meant that spring was the most common season to begin house hunting, and the effect usually held true even for those home-buyers without school-age children.
But there's no need to stick to this tradition. There are many benefits to starting your search for a new home in winter, even if the weather makes you feel more like staying snuggled up at home rather than venturing out to viewings.
1) Keen Sellers
If a seller lists their home in winter, despite it being a historic low season for real estate activity, it usually means they have a strong reason for selling. Maybe they're relocating for a new job, or maybe they need a larger home before a new addition to the family arrives. Either way, when a seller is highly motivated to complete a sale quickly, the buyer has a much higher chance of driving a better bargain.
2) Lower Prices
When sellers know the market is at a lull in winter, they'll usually list at a lower price than they otherwise would. Often, a winter buyer can pick up some amazing real estate bargains compared to the busy summer period.
3) Less Competition
Winter buyers usually have the market more to themselves, as most people still wait until spring at the earliest before starting their search. And with less competition, there's much less chance of being caught up in a bidding war between multiple buyers with deep pockets.
4) Seasonal Perspective
Any property can look great on a summer's day, when you can easily imagine relaxing in the yard with a cool drink while the family play. Seeing a home in winter is much more likely to show up its issues, such as drafty rooms, leaky roofs, or inefficient heating systems. Discovering these problems right at the start can save you plenty of both cash and heartache.
5) Closer Attention from Realtors and Lenders
Although a good realtor will always be available to help you in your home-buying quest, there's no doubt that it'll be easier to command their attention in the slower winter months, and they'll be able to work more closely with you on getting the right deal. The same goes for mortgage lenders, too. You're likely to find the entire financing process goes quicker and more smoothly when the lender doesn't have so many applications to work through.
Buying a home at any time of year can be a lengthy and complicated process. But considering these five strong benefits, starting your home search in winter can make a huge difference toward getting you a better home more quickly and at a lower price.
Check out this episode of the Real Estate Stew where Patrick and Kiesha share their thoughts on why Buying a Home during winter months is such a great idea!