Recent buzz in the real estate community exclaims that because of this year’s low inventory and historic low mortgage prices, competition among buyers is fierce. While experts predict the winter market will remain busy, it is expected to have less activity than the spring market, when even more buyers will be on the search.
If you are ready to buy, whether you are looking for new construction or a resale, read the rest of the blog to see the advantages to buying property in the winter!
Less Competition
Generally in the winter months there are fewer buyers because not as many people are willing to go house hunting in cold weather. Close to 40% of all real estate transactions country-wide occur between the months of May and August. Due to fewer buyers remaining active in their search, it becomes easier to find a home you love – for a price you can afford. Fewer buyers also means fewer all-cash, over-asking offers, making your traditionally financed offer more appealing.
Motivated Sellers
In the off months of the real estate calendar, sellers are often more motivated to get a deal done promptly. Many sellers putting their house on the market in the winter are not doing so because they want to, but because they have to. These cases are often ones of urgency, such as an unexpected job change or a death in the family. Real estate agents are also well aware of sellers’ motives during the slow winter months, knowing they are more likely to negotiate, whether it is on the sale price, closing costs, or closing date.
Test Durability Through Harsher Weather
Visiting open houses in the summer seems ideal with warm weather and better lighting, but for those residing in New England, that can be a mistake. Seeing how a house weathers the winter climates, on the other hand, shows you the durability of a house. In the winter, some houses experience cracks in the foundation, frozen and cracked pipes, poorly insulated rooms, and weathered roofs. Continuing your home search in the winter means you can look for signs of weather-related issues.
More Flexibility With Movers
As we all become accustomed to moving in slow motion in the winter, surprisingly the movers themselves do not. With a decrease in business, moving companies often incentivise using their business by offering discounted rates. It is also hard to beat the availability of movers in the winter, due to the lack of competition. This helps for booking the exact time you need to be out of your old home and into your new one!