Winter is here! It’s time for family get-togethers, opening presents, and giving back to our communities. And since it’s winter, probably the last thing you’re thinking about is buying a home. After all, no one else is buying a house. And that’s when it hits you. No one else is buying a home right now.
But before you start searching house listings, there are a couple of things you should do before buying a winter home. There are some huge upsides but also some downsides.
So before you go on the market to buy a home, let’s examine all the pros and cons.
Pros of Purchasing Real Estate in the Winter
Less Homebuying Competition
Since school has started and people are shopping for the holidays, only some people have considered purchasing a home. There may be a good inventory of quality homes on the market too. That means you can comfortably house hunt and take more time to make a final decision.
Real Estate Prices Are Lower
Since fewer buyers are looking for a home, real estate prices will fall. Sellers do this to attract the few buyers still in the market for a home.
Sellers Are More Serious
When the winter months approach, sellers know their chances of selling are on a decline. So they become much more competitive and motivated to sell their real estate properties.
More Room for Negotiation
When it’s wintertime, you might have the upper hand in negotiation. Since sellers are a lot more motivated to sell, they are also more willing to negotiate the price of their homes. That means you have a better chance of getting a home at an excellent price.
Cons of Purchasing Real Estate in the Winter
Lower Amount of Inventory
Since homebuyers tend to shop for a home during the spring or the summer, most sellers will take their home off the market and wait until then. Some real estate brokerages may even advise their sellers to do so. As such, you could potentially miss out on great homes in your area.
Home Inspections Are Tricker
Home inspections are a bit trickier during the winter. If you live in an area with a lot of snow, your inspector might have trouble figuring out the condition of a snowy roof. Your inspector might want to avoid checking the A.C. because of the cold weather.
Harder to Move In
The cold weather can make moving an unpleasant experience for some people. It will not be ideal if you’re living in a region that gets a lot of snow. But it might be more tolerable if you live in the South or are moving to a warmer area. So before you think about buying a home in the winter, make sure you can stand the cold weather move.
That’s a question worth pondering. If you buy a home during winter, you’ll either do it before or after the holidays. You’ll also be making your move in less-than-ideal weather.
And while you might get a lower price, you have chosen it because it was the best choice at the time.
These are all the factors you have to consider before buying a home during the winter season.