Real estate wisdom tells us that spring and summer are the prime seasons for house hunting and moving. People are more likely to get up, out, and shopping when the weather is nice so the competition can be fierce for residential properties depending on your locale.
If you can get past the cold weather, there are some distinctive advantages to purchasing a property in the colder months.
Due to the majority of homebuyers beginning their search in the warmer months, there will be fewer buyers in competition during the winter months. The low demand can work in your favor in a number of ways, such as less competition over a particular property and favorable purchase terms.
Prices are Lower
With a lower number of buyers in the market during the winter months, sellers must attract those that are. One way this occurs is through lower property list prices than if the property were first listed during the peak sales season.
Winter months are known to be much slower than the peak season. Generally, if a seller is listing during this time, there’s a reason. This can range from a seller receiving a job offer dictating a winter move or other person issues requiring the property to be listed during the winter months. Along with the lower buyer activity during the winter months, these factors may work in favor of the buyer because the seller will be very motivated and need to sell quickly. Sellers may be more willing to negotiate on the sales price, closing date, or closing terms than had this sale occurred during the peak season.
Lower Likelihood of Multiple Offers
Winter is also known as a buyer’s market for real estate because there are fewer buyers competing for properties so there is a lower likelihood of a multiple offer situation occurring.
If you’re in the market for a property, rethink when to begin your property search—WINTER is a strategic time to begin! Contact us below if you’d like to get started on your home search.