Buying a home can be stressful. With the demand for real estate much higher than the current supply, finding a home on the market that you both like and can afford is extremely difficult. But even though the real estate market is at its slowest this time of year, don’t let your hunt for the perfect home go cold. Buying a home in winter has amazing advantages many people overlook. So, if you’re ready to thaw your hopes of finding a house, here are five reasons to keep looking this winter.
5 Reasons to Buy a Home in Winter
Less Competition Means Better Prices
Yes, it’s true that there are fewer homes on the market during winter. However, there’s also less competition, meaning the prices take a dip along with the demand. According to an analysis by Redfin’s Data Center, home prices are historically at their lowest during the winter months. In their report, they noted that buying an Indiana home in the off-season could reduce the price by 16.4%. Additionally, if a seller is listing their home in the middle of winter, they’re usually very serious about wanting to sell. This means the seller may be willing to make a deal and lower the price even further than what was previously listed.
Take the Pressure off Buying
Less competition also means you’re less likely to get in a bidding war with someone and have your dream home snatched out from under you. Therefore, you can take your time assessing if a home is right for you before jumping headfirst into such a monumental decision. With the pressure off, buyers have the luxury of having a home inspection done. This doesn’t always get accomplished when the market is moving at lightning speeds and decisions must be made even faster. While certain items can be impossible to inspect due to the winter weather—such as the roof because of snow coverage—it’s better than having to forgo a home inspection altogether. Remember, when choosing somewhere you’ll be living potentially for years to come, the more time you have to gather information the better.
Shed Light on What a Home Can Handle
In the spring and summer, houses look at their best because they’re usually viewed in ideal weather conditions. The drawback of viewing a home during the warmer months is that you have no idea how it handles freezing temperatures, snow, and ice. Looking at a house during winter takes out the guesswork. Are the windows and doors properly sealed? Are there any ice dams that can cause drainage issues? How is the roadway maintenance when there’s snowfall? Viewing the home during winter will tell you.
Seeing a home in winter allows you to see how it handles the cold, snowy, and icy conditions.
Need a Mover or Contractor? Time is on Your Side
There’s no denying that moving during the winter is harder than in the warmer months. That said, fewer people are transitioning to new homes in the winter. With fewer people needing to haul furniture, the colder months equal the slow season for professional movers. If you’re planning to move from December through February, there’s a good chance there’s a little to no waiting list if you’re looking to hire some help. The same idea applies to contractors. In fact, you may even find you get a better price on your remodeling projects during the winter.
Close on Your Dream Home Faster
The waiting process between finding your dream home and the closing can feel like forever, especially when trying to compensate around a lender’s busy schedule. But when the winter season hits, mortgage brokers have a period where they don’t have a laundry list of closings to complete, meaning they can process your closing much faster. Thus, while people in the summer are waiting for their closings to be taken off ice, you’ll be cozying up in your home in no time.
‘Tis the Season for Real Estate Advantages
A cooldown of the weather doesn’t mean your house hunting has too as well. The winter season might be just what you need to be able to find the perfect place to start the next chapter of your life. Need to sell your home in the process? Selling your home during the winter has its advantages as well. No matter which you’re doing or what season you’re doing it in, Metropolitan Title is ready to help.