A few weeks ago we discussed why selling your home at the end of the year truly is a great idea. This article posed some very important questions from our readers, namely, is it wise to purchase a home during this same period. Well, we’ve done some homework and have some very valuable advice on the subject.
The Benefits Of Buying A House In The Winter
Believe it or not, contrary to popular belief, there are very good reasons to consider purchasing a home from November through February. Let’s review each one in detail—are you ready?
Buyers Are In The Driver’s Seat
If you recall from our earlier blog post, there are less homes for sale during the winter months. This may seem like an advantage if you’re a seller, and it certainly is, but it’s far from being a negative to buyers.
The mindset of a home seller is quite different in the winter months compared to the rest of the year. Often, their homes are listed during this brutally cold period because they are very motivated to sell. If you’re a serious buyer, your agent may be able to present an offer below asking price that could be snapped up!
A Real World Test Of The Home’s Furnace
Can you think of any better time to check out how well insulated that dream house is than during a bitter cold streak? Don’t fear the dropping temperatures; have your agent schedule visits to multiple properties and really see how warm your potential home is. After all, you won’t be able to truly see how much heat your home can retain if you move in during July, right?
Fewer Offers Means Less Competition
The odds of finding yourself in a bidding war with other interested buyers is far less than if you wait until the snow falls to make an offer. Although no one can ever predict with 100% accuracy what the housing market may “do”, traditionally, home sales tend to see an increase as warmer weather approaches. Industry experts believe this is because it is easier for families to move when the school year is over.
So what does this information mean to you? If your agent has found you the perfect home, make an offer before the snow melts!
You May Get To Closing Quicker In The Winter
With fewer homes selling over the winter holidays and early in the New Year, appraisers, home inspectors and closing companies have a bit more free time on their calendars. Closing on the property could take anywhere from one to two months in peak season, but could be cut nearly in half during the winter. You could be lighting a fire in your new fireplace before you know it!
Some Final Thoughts On Buying A Home During The Winter
When it comes to purchasing a home in the winter we’ve just barely scraped the tip of the iceberg! (Sorry, no pun intended…)
Consider the following regarding cold weather home purchases:
- Picture how easily it will be to see the way your potential new neighbors maintain their sidewalks and driveways during your walk through.
- You may be able to negotiate some serious discounts from moving companies as demand for their services aren’t as high.
- If you close on your home by December 31st, you may be able to submit deductions on your upcoming income tax return without waiting a full year.