Although the weather is cold and you might prefer to stay warm inside, there are quite a few benefits to winter real estate shopping. Home buying is at its peak during the warmer spring and summer months. While everyone is out enjoying their summer, homes are flying off the market. Warm weather is better for open houses, home inspections, and moving. However, just because fewer homes tend to be on the market during the off-season, doesn't mean you shouldn't consider buying a home in the winter. Let's explore a few of the benefits of home buying in the winter.
Less Competition, Lower Prices
Sales from May through August make up 40% of existing home sales, while December through February accounts for only 14%. Given our current seller's market, less competition is a benefit for prospective buyers. With a lack of fellow buyers to compete with, you're less likely to enter a bidding war and more likely to have your initial offer accepted. Since there aren't too many buyers in the winter season, home prices are lower, and this gives you more power to negotiate with the sellers.
Buying a home in the winter knocks out a large portion of the competition. This allows you to be a bit more selective when purchasing a home. The summer months have a more extensive inventory and this means there is a better chance of finding your dream home. However, your chances of purchasing any home are much higher in the off-season. Fewer buyers means fewer offers over the asking price, and that makes your financed offer much more appealing.
More than likely, sellers listing their homes in the depths of winter seriously want to sell, giving the buyer the upper hand. Companies tend to relocate employees in the first quarter, and this surge motivates buyers and sellers to move quickly. Meaning you will be able to close at a quicker pace. Given that homeowners are more motivated to sell, this is the perfect time to negotiate on price and other things, like if appliances will be included.
Keep an eye on each home's total days on the market. You will typically find this on the home's listing details page. If a home has been lingering on the market for awhile, this could give you more leverage to land a fantastic home for less than what you might have paid in the summer.
Lastly, when it is closing time you might enjoy a speedier process when compared to closing in the warmer months. Home loan centers are less busy in the winter, so your wait time will likely be much shorter. This means you can move into your new home quickly!
Enthusiastic Real Estate Agents And Flexible Movers
Typically real estate agents are busiest in the summer months. Houses are flying off the market, and real estate agents are often juggling several deals at the same time. However, if you decide to buy in the winter, chances are your agent will have more time to assist you. Fewer clients means more time to help you and get you the best deal possible. Due to a lack of sales during the winter, real estate agents will want the sale to go through just as much as you do. Make sure that your real estate agent shows you homes that appeal to you and your family's needs. As agents are more flexible during the off-season, they will have more time to accommodate your needs.
Moving in the winter is more demanding physically. You have to compete with elements and go around inclement weather. However, the logistics are much more straightforward when you don't have to compete with many other moving households. You might even be able to negotiate with your movers for a lower price due to the lower demand. Additionally, it is important to be flexible and allocate a few days for moving.
Buying a home in the winter can be challenging, but rewarding. You have to go out and brave the elements. However, the lack of competition gives you more freedom to negotiate with homeowners for a lower price. Sellers in the winter are more eager to sell their homes when compared to the summer, and this gives you a lot more leverage when negotiating. Lastly, real estate agents and mover's schedules are more open to assisting you with all your needs.
Overall, buying a home in the down season could prove to be a very beneficial financial decision for you and your family. If you are thinking about buying a home, we've got you covered. To learn more, stop by our Home Loan Center at 8401 Quaker Ave. Lubbock, TX, or visit us online https://alliancecutx.com/Borrow/Loans/Home-Loans.