Thinking about moving into a new home? You don’t need to wait until the “hot” spring market rolls around. In fact, for many people, buying a home in winter may be the best option! In the slower winter selling months, many people divert their attention to getting the best deal on holiday decorations and presents. But smart shoppers should keep their eye on the local real estate market.
1. There’s Less Competition
Not everyone’s willing to bundle up and head out to open houses when the temperature drops. The months of May through August make up 40% of existing-home sales, while January and February account for less than 6%. Seller’s are less likely to acquire over-asking offers for their home, enter into bidding war situations, or have multiple offers on the table at one time. They are motivated to sell quickly to the significantly smaller pool of buyers. This is bad news for sellers, but great news for buyers!
There may be less homes to choose from this time of year, but if you’re motivated to get into a new home quickly, you’ll have much less competitions for those available homes.
2. You Can Get a Better Deal
According to a new Attom Data Solutions analysis of over 23 million single family home and condo sales over the past 6 years, winter is the best time to buy a new home financially. In Pennsylvania in particular, December renders the steepest discounts on new and existing homes (-4.5% below estimated market value).
What does this mean for you? Well, generally, you may find that houses are reducing in price to help move the home quickly. Furthermore, sellers are more likely to be flexible when accepting offers for their home – especially if it’s been sitting on the market for a while going into the winter months. And of course, with less competition for those homes, you have less to fear when trying to get that perfect home for the right price.
3. Your Home Will Likely Close Faster
In the busy spring and summer months, your mortgage broker might be backed up days or even weeks—which is beyond frustrating when your closing is planned around your lender’s schedule. But during the holidays, things slow down by 25% to 30% according to Realtor.com. This means you become a greater priority and can get your home ready to go for the final holiday celebrations!
Also, you’re less likely to have trouble scheduling additional inspections and appraisals as these professionals will be less busy this time of year.
Not sure where to start? Call your realtor today to start making an action plan to take advantage of the winter market to get you into your dream home.
Now is the perfect time to place an offer on that home you’ve been eyeing.