It seems most people wait for spring before buying a new home. It’s just that people equate the start of December with the holidays and go into a holidays frenzy, often contently waiting for warmer weather before going into home-hunting mode again.
But you know what? There’s no need to keep wistfully staring at the calendar until you feel that you’re in a better position to start home-hunting. Winter may just be the best time to start your search for a new home and close the deal!
In fact, a harsh winter can often bring back the balance to a seller’s market that’s gone awry. Though it is true that listings may be farther in between, those who want to sell often find solid reasons to do so during a harsh winter. You may even end up having a lot of options because most other buyers are hibernating until spring.
Contrary to popular belief, spring being thought to be the best time to purchase a new home is a fallacy. It is only a self-perpetuating myth because people who believe it to be true make it true.
Why Buy During Winter
A lot of home sellers wants to welcome the new year in a new place. They’re often very motivated and will want to be able to move on to a new phase in their lives as early as possible while their schedule isn’t as full yet.
When sellers are motivated to sell, home prices usually dip. That means that’s the best time to strike and get the best real estate deals around!
According to a survey by Royal LePage done in 2011, there is no evidence that home prices are affected for the long term when home prices drop during a harsh winter. That means winter price drop are often short-term bargains and may not repeat itself ever again.
Another advantage of buying in winter is that since there are fewer people willing to buy, you have less competition and fewer of being in a bidding war. More so, buying in winter often means you’ll get to see the property at its worst. This means you’ll be more prepared to handle unexpected repairs. Not only that but you’ll know that you really like a home when you still love what you see even when its drab outside and there’s no influence of beautiful spring lighting clouding your judgement.
For those who wants to buy a newly constructed place, note that the building process is not hampered by snow in most cases. A home or condominium advertised to be placed on the market in spring might be ready for a new owner in the middle of winter. If you’ve got your eyes peeled, you may just score the deal of a lifetime!
Last but not the least, sales and real estate agents are less busy during winter. This means you can get their full attention and there will be more likelihood of you getting what you want.