As the temperatures start to drop and snow begins to fall, you’re probably not thinking about buying a new home. Traditionally, real estate sales numbers prove that. Most home sales happen during the spring and summer months. Unfortunately, you could be making a costly mistake.
Find Out: If Interest Rates Are Going Down, What Will Mortgage Rates Look Like in 2025?
Try This: How To Start Investing in Real Estate – Even If You’re Not Rich
The winter could be the perfect time to buy your next home. Keep reading as we explore four reasons why the winter is the best time to buy a house.
Significantly Less Competition
One of the biggest reasons winter can be a great time of year to purchase a home is because of the competition — or lack of it. Most people are looking to purchase during the warm months of the year, so there are fewer people looking at homes in the winter.
Fewer people looking for homes means it’s more of a buyers market. Unless the home is in an extremely popular neighborhood, you probably won’t be dealing with multiple bids, which means being able to get a more favorable price on the home.
“The reduced competition during winter months creates a significant advantage for serious buyers,” said Nick Wemyss, Realtor at Intero Real Estate Services. “While many house hunters pause their search during the holiday season and colder months, this creates opportunities for prepared buyers to negotiate from a position of strength.
“Winter buyers often face 15%-20% fewer competing offers compared to peak spring months, which can mean the difference between winning a dream home and losing out in a bidding war.”
Consider This: Real Estate Agents Explain Why You Should Never Invest in These 7 Home Features
You’ll Be Able To Spot Potential Winter Issues
Buying a house in the summer gives you the chance to understand a lot about the home. You can see how well the air conditioner works based on how cool the home is when you take a tour. If you visit during a rainy day, you’ll be able to make sure there are no window or roof leaks.
Unfortunately, buying in the summer doesn’t help you understand how the home reacts to the harshest months of the year.
“Buying a home under the toughest weather conditions lets you know how that home is functioning,” said Haley Bartlett, Realtor at iGo Realty. “Are the windows leaking cold air, is the heating working well, is the roof standing up to the heavy snowfall and are there moisture/damp issues? These things can be hidden in milder weather. In winter, quite often a home will reveal all of its faults.”
Sellers Tend To Be Motivated
Similar to buyers wanting to buy in the spring and summer months, sellers tend to want to avoid listing in the winter. When they do, it usually means they have motivation to sell. This can be a great opportunity to get a good price on a home.
“Sellers typically have compelling reasons to list during the off-season, which can translate to better deals for buyers,” said Wemyss. “These sellers often face job relocations, financial changes or other time-sensitive situations that make them more open to negotiation.”
Wemyss added, “A home that’s been on the market since fall may have a seller particularly motivated to close before year-end for tax purposes. This motivation, combined with fewer competing buyers, can result in purchase prices 3%-5% below market value compared to peak season.”
However, it’s important to remember that even though there might be motivation from the seller and room to move with the price, you should still make sure you put forth a fair offer. Low offers can turn off the seller and cause them to move on to someone else.
Real Estate Agents Have More Time To Help
Real estate agents can be extremely busy during the peak season. They could be working with handfuls of clients, and that can be a major constraint on their time. However, with fewer people looking to buy homes in the winter, an agent’s time can be a little more flexible.
“Most Realtors are quieter during the winter months, meaning they have more time to give,” said Bartlett. “You will get more one on one time, and your Rrealtor will have more time to invest in you throughout the process.”
More From GOBankingRates
- 9 Moves For Building Lasting Wealth: What Smart Americans Are Doing Right
- 6 Hybrid Vehicles To Stay Away From in Retirement
- 5 Side Hustles That Can Earn You an Extra $1,000 Before 2025
- 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance
This article originally appeared on GOBankingRates.com: I’m a Real Estate Agent: 4 Reasons Winter Is the Best Time To Buy a House
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
