December 19, 2017
The Winter: Breaking Down Why to Buy Real Estate During Non-Peak Times
Buying a home during the winter real estate market can be a smart move for buyers. This is the time when sellers are motivated; there is less competition and you will see prices that are more in line with the market and some are discounted greatly, plus the attention is on the buyer.
Spring is considered a prime season to buy or sell a home, but if you are a buyer then you may want to reconsider waiting until the spring market to buy a home. Here are five reasons why winter is the perfect season to purchase the home you have been dreaming of:
- You will pay less
There is less competition this time of the year meaning you may get more of your wants in a home and pay less. According to Zillow, those that buy a home during the spring market pay an additional $1,500 dollars above asking on average. Offseason buyers paid $3,100 less than average. Bottom line, buyers tend to pay more during spring and summer and pay less for that same quality of home in the offseason, which is typically Nov-Feb.
- Motivated Sellers
The offseason brings serious sellers. These sellers are usually “have to” sellers, meaning there is often a reason to sell their home and that is why they didn’t wait until the spring market. These reasons may be job relocation, financial conditions, or they found a new home. Whatever the reason they are selling their home, they are ready to sell and that means they are ready to negotiate. This can give buyers an advantage in negotiating a lower price especially for homes that were listed in the summer or fall market and are still listed and have not been taken off the market for the winter.
- Less Choices (Surprisingly Positive)
Paralysis by analysis is a real situation many buyers find themselves in during peak market. When people are given options in excess this can lead to not making a choice at all. The offseason means fewer homes on the market and this forces buyers to make a choice which can surprisingly lead to long-term happiness. The real estate clutter has cleared and buyers have less distractions of homes that do not truly fit their needs and this allows them to hyper focus on what it is they are looking for and want in a home, there is less indecisiveness.
- The Focus Becomes the Buyer
The peak real estate market tends to follow the thermometer. As it heats up, so does the market. This leads to a busy workload for real estate agents, mortgage lenders, title companies, home stagers, and other professionals in the real estate market. This may lead to less attention on the buyer. In the winter months when things slow down the buyer may experience quicker and better quality of service.
- Great Sales on everything you need/want for your Home
This time of the year there are great sales on home appliances, home décor, and things like TV’s, lawnmowers, grills, flooring, paint, etc. The offseason can be a better financial advantage both for your house and for the items you need to outfit your home.
Whether you decide to buy a home in the winter months or in another season, buying a home is one of the largest investments you will ever make and it takes serious consideration, research, and finding a real estate agent that you connect with, trust and that has the power to negotiate the lowest price possible for you, making sure you never overpay. This is not a decision to take lightheartedly. We have listed all the great reasons to buy in the offseason, but buying a home still needs to be carefully decided upon and needs to feel right for you. The best time to buy or sell your home is when you are ready!