Spring is synonymous with buying a home. It’s when sellers begin to prep their homes for sale and buyers mentally prepare to start the homebuying process. The housing inventory is higher, but so is the competition. If you plan to buy a new home this spring, consider moving your timeline back several months. Read on to find out why winter is a great time to buy a home.
Less competition
Most prospective buyers plan on beginning their search at the start of the spring selling season, which typically begins in early February. The winter months are slower for real estate transactions, so while there is usually less inventory, fewer buyers are competing over the same property. And all it takes is the one perfect home for you.
More time to consider
Since there may be less competition, you’ll also have more time to thoroughly inspect a home to ensure that it meets all your criteria. In addition, you’ll likely have the opportunity to carefully assess the layout, size of the rooms, storage and other criteria that top your list.
Lower purchase price
When inventory is low, there is a higher likelihood of bidding wars, increasing the sales price. However, in a market with fewer buyers competing for the same home, bidding wars are unlikely and you may even be able to negotiate the asking price to your advantage.
More negotiating leverage
In addition to a potentially lower purchase price, you may have more leverage to negotiate on the closing date, any contingencies and have the upper hand during negotiations on any issues found during the inspection. If a seller is selling during the holidays or shortly after, they likely have an urgency to sell, so they may be willing to compromise on points that a spring seller would not budge on.
No winter surprises
When you see a home in the spring when the flowers have bloomed, the landscaping is lush and the sun is shining, you may overlook potential structural issues or aesthetic eyesores. Seeing a home during the winter means you’ll be able to feel how the HVAC system is functioning, see how the fireplace works, assess exterior areas that are prone to icy patches and see how you feel about the bare trees and landscaping.
Faster closing
Since all the professionals involved in the real estate process are likely less busy, you may benefit from a faster closing. For example, your real estate broker, mortgage lender, appraiser and inspector can complete their jobs faster, which means you can close on the house more quickly, eliminating a long, drawn-out closing period.
Sooner move-in date
Like all the players involved in the house sale, moving companies are less busy during the winter months. Reputable moving companies may be booked several months out during the spring season. Movers may have more availability during the winter, so they won’t hold up your move-in date after the closing.
