January 26, 2024Should You Buy a Home in the Winter?
If purchasing a new home is one of your financial goals for the new year, you are probably taking all the necessary measures to prepare. From saving for a down payment to finding the perfect home, there is a lot to consider.
But did you know the time of year you buy a house can make a big difference in the price you pay? Just like buying a car or TV, certain times of the year are more favorable for home purchases – and shopping during the winter will often get you the best bang for your buck. In this article, we’ll explore why winter could be the ideal time for buying a new home and things to consider throughout the home-buying process.
Why Winter is a Favorable Time to Buy a House
Spring and summer are typically the most popular times when people buy homes. Consequently, homebuyers often overlook the perks that the winter brings. For starters, there are fewer buyers. With less sales potential, sellers are often more motivated to drop prices or make other concessions. Secondly, the home will likely have been on the market for longer due to the holidays, meaning the seller is more likely to negotiate.
These scenarios give homebuyers the upper hand and provide opportunities to secure a home under the asking price. If you wait until spring or summer, you could find yourself in a bidding war with other potential buyers as demand picks up.
Things to Consider When Home Shopping in the Winter
Yes, winter is a favorable time to buy a home. However, there are more things to consider than a price discount when buying a home. Before deciding to purchase a home, review the following items to determine if now is the right time to move.
- Evaluate Your Reasoning
Why are you planning to move right now during winter? Are you relocating for work, and the move is time-sensitive? Or can you take your time and wait until spring or summer? If price is the ultimate driver, winter could be the opportunity you’ve been waiting for. However, you will be limited in your selection.
- Lower Prices, Fewer Choices
Sellers realize that winter isn’t the best time to sell their home. Yet, many are forced to as they relocate for work or other time-sensitive needs. As a result, homebuyers will find the number of homes available on the market somewhat limited during this time. If you have specific needs and wants in a property, you might be better off waiting until more homes enter the market.
- Weather Comes into Play
Depending on where you live (and where you’re moving to), the weather could play a significant role in your decision. For example, if you’re in an area with heavy snow, moving out of your current place and into a new one could be challenging.
Additionally, weather can impact the ability to perform a thorough home inspection, make any necessary repairs to the property, and even evaluate the outdoor areas and landscaping. All these factors must be considered when buying a home during the winter.
- Children & Schools
Most people with children tend to move during the end of spring or early summer. This move makes it easier for kids to transition into new schools in the coming year. However, if you don’t have children or are an empty nester, a winter move could help you lock in more favorable pricing on your new home.
Choose a Fantastic Real Estate Agent
Anytime you’re considering a move, finding an excellent real estate agent is wise. Not only can they help answer questions about the property and home-buying process, but they are a wealth of information about the local community.
Furthermore, if you are considering a home purchase during the winter, you’re more likely to obtain a fantastic agent and command their attention. With fewer buyers out there, they’ll be able to devote more of their time and resources to helping you locate the perfect home and negotiate the best price.
We’re Here to Help!
If you’re in the market for a new home this winter, getting the best possible deal is undoubtedly one of your top priorities. Timing your entry into the market could go a long way in helping you secure a better price. When you’re ready to buy, consider all the factors that could impact this important decision.
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If you want to learn more about the home-buying process or wish to speak with a mortgage expert, we’re ready to help. Please call us at 800-226-6673 x6515.
Each individual’s financial situation is unique and readers are encouraged to contact PEFCU when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.
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