‘Tis the Season: 4 Reasons Why Winter is a Great Time to Buy a Home
It’s a common misconception that you shouldn’t try to buy a home during the fall and winter months.
This is generally considered the “offseason” in real estate. We are quickly approaching what some real estate professionals call the “dead zone:” Thanksgiving through Martin Luther King Jr. Holiday Weekend. Cold weather, holidays and a pandemic are all reasons why sellers may struggle to sell in the offseason. While not ideal, some sellers have no choice but to list and sell in the offseason, and sellers are more likely to negotiate when there are fewer buyers.
The truth is, homes are bought and sold year-round. And while the market is typically quieter during the fall and winter, savvy buyers know how to use this slow down to their advantage. In fact, depending on your circumstances, now may be the ideal time for you to purchase a home.
If you’re in the market to buy, there’s no need to wait for the spring. Read on to discover the top four reasons that it can pay to buy a home during the offseason!
1. LESS COMPETITION
What’s the number one reason to buy a home during the offseason? Less competition!
This can be particularly beneficial if you’re a buyer. While some buyers need to move during the winter, many bargain hunters search this time of year in hopes of scoring a great deal.
Smart buyers will continue to scan the market during the fall and winter for hidden gems that pop up during the offseason. There are always highly motivated sellers who need to sell quickly. And with less competition to bid against you, you’re in a better position to negotiate a great price. If you’ve been looking for a good deal on a home or investment property, now may be the best time to look!
So, while a “slow market” may scare off some buyers, it can actually be the perfect time of year for you to purchase a home. While the rest of the market is hibernating until spring, take advantage of this opportunity to get a jump start on your competition!
2. EVERYONE’S MORE MOTIVATED
During the spring and summer, you’re likely to encounter “lookie-loo” buyers who are just testing the waters and unrealistic sellers who are holding out for a better offer. But the serious buyers and sellers stay active during the cold weather and holiday season, often because they need to move quickly. In fact, research shows that homes listed in the winter sell faster than any other time of year.1
January and February are peak job hiring months, which brings a surge of buyers who need to relocate quickly to start a new job.2 And of course life changes like retirement, marriage, divorce, and new babies come year-round. While families often find it more convenient to move during the summer when school is out, the reality is that many don’t have the option to wait. According to the National Association of Realtors, 55 percent of all buyers purchased their home at the time they did because “it was just the right time,” not because of seasonal factors.3
If you prefer to deal with serious, highly-motivated sellers who want to act fast and don’t want to waste your time, then the offseason may be the perfect real estate season for you.
3. GREATER PERSONAL ATTENTION
Another key benefit to buying in the offseason is the increased personal attention you’ll receive.
While we strive to provide unparalleled client service throughout the year, we simply have more time available for each individual client during slower periods. Similarly, we find the other real estate professionals in our network—including title agents, inspectors, appraisers, insurance agents, and loan officers—are able to respond faster and provide more time and attention during the offseason than they are during the busy spring and summer months. The result is a quicker and more streamlined closing process for all involved.
4. COST SAVINGS
Clients who move during the offseason often report significant cost savings. Moving costs may be discounted by 15 percent or more during the winter months, and moving companies can typically offer more flexibility in their scheduling.4
Home renovations and repairs can also be less expensive in the offseason.5 Whether you’re fixing up your property prior to listing it or remodeling your new home before moving in, contractors and service providers who are hungry for business are often willing to work for a discount this time of year. If you wait until the spring and summer, you may be forced to pay a premium.
When you’re buying this time of year, count cost savings as another compelling reason to consider an offseason move.
ARE YOU READY TO MAKE YOUR MOVE?
Now that you know all the great reasons to buy a home in the offseason, it’s time to decide whether you’re ready to make your move.
Every client’s circumstances are unique. Whether you need to move quickly or you simply want to take advantages of all benefits this season has to offer, it’s a great time to enter the market.
Give us a call today to schedule a FREE consultation to see just how much buying power you have… and you could be ringing in the New Year in your new home!
P.S. If you need to sell your home before upgrading to a new home, we have a special program that allows you to buy now and sell your current home in the spring! Give us a call to see if you qualify today!
Sources
- Redfin –
https://www.redfin.com/blog/2013/12/why-winter-is-the-hottest-time-to-sell-your-home.html#.VjKYm2SrTKI - Top Resume –
https://www.topresume.com/career-advice/the-best-times-of-the-year-to-job-search - National Association of Realtors –
https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers - Angie’s List –
https://www.angieslist.com/articles/why-winter-can-be-best-time-move.htm - Build Direct –
https://www.builddirect.com/blog/the-best-times-of-the-year-to-get-deals-on-home-remodels/ - National Association of Realtors –https://www.nar.realtor/sites/default/files/reports/2017/2017-home-buyer-and-seller-generational-trends-03-07-2017.pdf