Winter can be a magical time of year – Christmas, hot cocoa, sled riding and a number of other wintertime activities. However, when it comes to real estate, conventional wisdom has always held that winter is the worst time of year to buy a home. Weather, accessibility, a yard and property that show better in warm weather than when covered in snow – these are all factors typically cited to support spring and summer as the optimal seasons for home buying.
But there are actually some benefits to house hunting when the temperatures begin to drop. In this post, we’ll explore some of the top reasons to buy a house in winter. We will also discuss how to sell the home you currently live in fast; enabling you to purchase your dream home at a much lower cost during the best time to buy a house, winter!
For starters, the aforementioned preference of most home buyers toward purchasing a home in the spring or summer means there are fewer house hunters and offers to compete with. Lower demand will work in your favor – especially with motivated sellers – and can provide a strategic advantage when negotiating for the best price on a potential home. Unfortunately if you are selling a home during winter, you can experience the same issues with selling, luckily you can get a fast offer for Ryan’s Buying to buy your house 7 days prior to closing on your new home. This will make moving into your dream home that much easier and give your dream home’s sellers motivation to work with you. Realtor and home owners look for buyers that do not have a home to sell contingency when they write up their offer.
The basic economic principle of supply and demand dictates that when there is less demand in the market – again, as is typically the case in the winter months – costs decrease. So, if you’re a budget-conscious buyer or simply looking for the best deal, winter may be the best season for lower prices on a new home.
Another factor impacting cost is a higher likelihood that the seller will be motivated to sell in the winter. Again, a slower season, fewer showings and less demand can leave sellers feeling antsy, especially if their circumstance requires them to sell in a timely fashion, for example if the purchase of their new home is contingent on the sale of their current home, etc.
In these situations, sellers are often more likely to negotiate on not only the price of the home, but also repairs, included appliances and other items.
In the winter months, sellers will not be the only ones motivated to close a deal. The same lack of activity and demand driving sellers to make a deal will also be motivating realtor. For real estate professionals, their livelihood depends on transactions. In a slower season, you are more likely to have a realtor’s undivided attention, as well as their motivation to help you close on a home. You will purchase your dream home at a much lower price if the sellers know they do not have to wait for your home to sell.
Smoother, faster transactions
Let’s face it, a real estate transaction is not always the smoothest and easiest undertaking. You may look at dozens of houses, make multiple offers and negotiate on price, and then go through the process of financing with applications and all that it entails. Key to these steps are loan officers, title companies and escrow companies. You can skip this step when selling your previous home by selling direct to Ryan’s Buying and make purchasing your dream home a much faster and easier process.
Another piece of good news about the real estate market in winter is that with fewer overall real estate transactions, mortgage lenders, title and escrow companies are not nearly as busy as they are in the warmer months when activity in the market is at its peak. This means fewer delays and a quicker turnaround on documentation and all of the other components of your transaction.
A chance to put your new home to the test
There’s a reason that automobile manufacturers build test tracks and put their vehicles through rigorous paces – they want to ensure that they are built for performance and can perform in all conditions. The same is true of the homes you are viewing in winter.
Winter is typically the toughest season on a home – freezing temperatures, snow and condensation, and other extreme weather events and stress all put a house to the test, both in terms of durability and its ability to protect those that inhabit it from the elements. Viewing a home in the winter allows you to see how well it insulates, how drafty it is, how effective the HVAC system is and more. These features and characteristics of the home can go un-tested or un-discovered in the warmer months. So, don’t shy away from the chance to go house hunting in a winter storm – you may learn a lot.
Easier to hire movers and contractors
If you’ve ever purchased a home or moved, you know that home shopping and working with a REALTOR is just one part of the overall process. Movers are often needed to transport all of your belongings, as well as contractors if repairs or improvements are needed before you move in and take possession of the home. While all of these logistics can create a significant headache, the good news is that both are far less busy in the winter than the hectic spring and summer months.
Whereas you may encounter a months-long wait-list when the weather is warm, in the winter movers and contractors are generally eager to find customers and much more accessible than during the peak periods of the year. Painters and other contractors also offer deep discounts during the winter to keep their employees busy and getting paid.
The bottom line
Don’t let the winter chill scare you away from pursuing your dream of home ownership. Less competition, lower prices and a number of motivated parties can all add up to a positive and cost-effective home buying experience. So, bundle up and mark your calendar – winter time may just be the right time to purchase your new home. If you need to sell your existing home fast, call Ryan’s Buying or long on to our website at www.ryansbuying.com to get your free home valuation estimate in 30 minutes.