When the freezing cold winter temperatures set in, it’s hard to think about everything that goes into house hunting—the open houses, the exploration and, of course, moving.While the warmer months tend to be more popular for both sellers and buyers, there are plenty of advantages to buying during winter, from the potential for more flexibility in cost to less competition in the immediate marketplace. Here are a few pros to cold weather buying:
- Winter is a natural slow period in the market—less buyers means likely more eager sellers willing to work with you on costs, terms and more
- With that, prices often experience some lull as the collective selling population becomes more motivated and eager to move on with their own new home purchases—and that often means selling what they’ve got
- The mortgage process can actually be quicker and easier in the winter, with fewer homes being underwritten. Pair that with the slower demand for new mortgages and applications tend to turnaround must more readily than in the spring, summer and fall.
- In terms of the home itself, winter in actually an optimal time to assess a host of potential structural and construction issues. Very often flooding, plumbing issues, roofing problems and problems with pipes pop up in the winter—long after the new owners settle in. Assessing a house during these chilly months can often paint a clearer picture of potential issues that already exist
- In that vein, buyers will get a strong sense of the “gray” look of their new home. During the spring and summer gardens and yards are often lush, green and beautiful—and many owners are surprised at the bare look, come winter. Survey the property in its least-blooming state and go from there.
- And when it’s time to move, rest assured movers will be readily available on shorter notice—bonus!
Remember, while spring may seem so far away, it’s just around the corner relative to residential real estate. With spring comes all of the families that must be in their new homes before the school year starts, and that often means getting an offer accepted by April or May. Now is the time for motivated, ambitious buyers to pound the pavement and find their dream homes—often with unparalleled benefits.