Buying a home in the winter is cheaper
December 12, 2014
If you are like most people, the idea of looking for a house during winter does not sound pleasant. You imagine leaving your warm home to go looking in the cold. Not to mention, you may not get a good feel for the yard or property if the ground is frozen or covered in snow. But you are thinking about it all wrong. Buying a home during winter is actually a great way to get a house you really like and save yourself some money.
Buying a home in the winter can save you money.
When shopping for a home during winter, you are in a much smaller competition pool. There are many homes for sale during summer and many potential buyers. Open houses are big deal in the warm months. In fact, people who aren't even in the market for a home but happen to be walking by will occasionally step in and check out the home. During winter, this is not the case.
Silvana Tenreyro, a professor at the London School of Economics, referred to home shopping during winter like searching for bargains at a sale of leftovers, reported The Atlantic. While you may have to do some digging because there aren't that many options, if you find what you're looking for, you may get it for a great price.
“In the summer, there are many houses for sale, people find their ideal house quickly, and they are willing to pay a higher price,” Tenreyro said, reported The Atlantic.
Because there are fewer lookers during winter, you can get away with paying less for a home that would cost more during summer. Winter gives you more leverage to make the most of a deal, as sellers are more motivated to close. If negotiations arise, you will typically have the upper hand, according to Forbes.
Professionals are available
When dealing with less competition, you have more choices when choosing a Realtor or other industry professionals. During summer, these professionals dedicate their time to working with a high volume of home sellers and buyers. In keeping consistent with the trend, these professionals have more time during winter. Your service will be in demand more than theirs, which puts you in a prominent position. This is true for moving companies as well. Typically they are rented out all summer, but during winter, they might even lower their prices for the business.
While you won't have an exact grasp on the yard or the foliage, you will have insights to other things, such as how the house holds up to the cold. Typically, people look, buy and move into homes during summer or at least warmer months. Then, when winter comes along, they realize the windows aren't as air tight as they were told, or the insulation isn't as strong as it should be. According to Realtor.com, seeing a house during winter helps you spot all of the possible winter problems, which will help you decide how much home insurance coverage you would need.
You will also be able to see which of your new neighbors tend to the snow. Do they shovel their driveways? Does a neighborhood service clear all of the sidewalks, or is it left up to each homeowner? Finding out these things can make you feel more confident about your neighbors and your decision because you can be sure if they are tending to their properties when it's cold outside, then they are doing so when the weather is nice.
Before you put off the idea of shopping for a new home during winter, consider the items listed above. You can learn a great deal about a home and its property as well as have a leg up in the realm of competition.