Winter Home Buying Tips
The idea of buying a home in winter might scare off some buyers because the thought of trudging through snow to look at properties can deter just about anyone. However, your tracks in the snow have less competition in the winter than if you were looking at the same property in the spring or summertime. A decrease in competition from other buyers presents a unique opportunity to find a gem at a great price!
Benefits Of Buying A Home In Winter
Less competition from other buyers: The real estate market traditionally heats up in the spring and summer months (pun intended), when more listings hit the market and buyer competition ramps up. Home buying activity tends to taper off once schools is back in session and into winter. You might face lower inventory levels, but you usually gain the advantage of facing less competition from other buyers.
Higher chances of closing a deal: When you face less competition from other buyers, your chances of closing a deal can go up drastically. During the busy months, you may find a great property, only to become frustrated to find out that 10 other bids have been also been submitted. As a result, you’ll find yourself in bidding war! You can most likely avoid that in the winter.
Lower demand drives down prices: When buyer demand decreases dramatically like it does in the winter, sellers have no choice but to reduce their prices or wait to re-list their property at a later time. Buyers who remain on the lookout during the winter months have an opportunity to find great deals.
Sellers become more motivated: There are a variety of reasons why someone might be selling their property in the winter. They might have personal circumstances forcing them to move during the winter, or perhaps their listing is leftover from the summer or fall. Regardless of the reason, sellers generally become more motivated to sell as real estate activity slows. This means that winter buyers may have the upper hand when negotiating the purchase price, terms of the sale, and any items to be included with the purchase.
Realtors are less busy: When there are less people shopping for homes in the winter, it means that your real estate agent will have more time to devote to your house hunting needs. They also might be more inclined to put in the added effort to negotiate your home purchase, due to the decrease in sales volume.
Reach out to one of our Mortgage Lenders today to start the process of getting pre-qualified so you know how much purchase power you have to make a confident offer. We're here to help.
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