Spring & Summer are the ideal seasons for house hunting. It is a more pleasant time of year and sellers know their properties look better when not covered in snow. Yet there are some very logical for going shopping for a house and moving in the winter too!
Here are some advantages of house hunting in the winter…
Fewer Buyers to Compete With
The most obvious plus of buying and moving in winter is exactly because real estate wisdom says to shop Spring & Summer. As a result of this popular piece of real estate advice, there will be fewer buyers in competition during the colder months. So for the investor looking to find a good deal in the housing market, the winter can be prime time.
In most markets, winter usually means a lower inventory with fewer houses on the market. While this is often the case, it’s possible to find the right space and with fewer people looking, you’ll have less competition.
When you have fewer buyers in the market, supply exceeds demand. This usually results in prices being lower than during the hot or peak season.
The low activity in the winter will result in sellers being far more motivated to sell. Real estate agents know that the slow winter months are when sellers are more willing to negotiate, whether it is on selling price, closing costs, closing date or even terms of the sale, including what appliances and items are included in the sale—these are all the very reasons that many real estate agents recommend that their clients delay listing their homes till at least the spring. The winter is not a great time for sellers, in general.
Furthermore, there are the circumstances hinted at above when sellers are forced to sell during the winter, maybe a job offer has dictated a winter move, or the seller may have personal issues that are dictating their actions—financial issues, divorce, etc. Again, this may work to the buyer’s advantage as the seller will be very motivated.
Fewer Offers on a Property
Another reason that winter can be such a buyer’s market for real estate is that the fewer number of buyers competing for homes means that the chances of there being multiple offers on a single property are greatly reduced. This again translates to buyers having the upper hand over sellers in the negotiations.
Low activity during the winter months also means you will have the undivided attention of your realtor and they will be working harder for you. These lean months of low sales volume encourage realtors to try just that little bit harder to negotiate a sale.
So brave the cold, pull on a winter coat, and get out there and house hunt. Remember, it is still a great time to invest in real estate.
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