4 Benefits of Buying a House in the Winter
It’s winter. Dave and his wife, Sarah, have been in the market for a new home for months.
In the spring and summer – when it’s most common for people to go house hunting – the couple experienced high asking prices, bidding wars and unresponsive sellers; among other things.
“Maybe we should wait until next spring,” Dave suggests to Sarah, after frustratingly watching dream home after dream home get snatched up or priced out of range.
Why wait, Dave?
While spring, summer, and early fall are all popular times to look for a home, they’re not the only times. Buyers willing to brave the elements and go house hunting in the winter face fewer roadblocks and greater rewards. To help erase the stigma, here are a few benefits of buying a house in the winter.
- Less Competition
Homebuyers like Dave and Sarah rarely ever consider the winter months—cold weather, holidays and dark afternoons being common reasons. Fewer buyers means fewer competing offers and less chance of a bidding war. While winter may feature less property for sale in your area, the houses that are available (and there are always houses available) are priced to sell.
- Quicker Closing Time
In the spring and summer, realtors and mortgage lenders are often juggling multiple clients, and are generally busier. That dies down a bit in the winter, meaning as a buyer, your broker will have more time to focus on you. Plus, depending on how well you’re prepared, you’ll have a quicker time to close on your mortgage. You could also receive special incentives and reduced fees.
- Higher Quality Inspections
In the darkest days of winter, you’re seeing a home at its worst and extreme weather conditions allow you to get a more realistic view of the property’s systems, such as heating, insulation, roof, gutters, plumbing, etc. Depending on what you find, you may be able to negotiate the price down further.
- Better Moving Experience
It may seem crazy to think moving in the winter would make for a better moving experience, but that’s commonly the case. Contractors, inspectors and moving companies have more flexibility with scheduling, and some may even be open to negotiating their prices due to lack of business in the wintertime.
Have you ever bought a house in the winter? Share your experience with us in the comments below!