If you’re waiting for the perfect conditions to buy your next home, that might mean you’ve been missing out. Whether you’re waiting on the right real estate market, the right weather, the right opportunity or whatever that may look like, waiting may not be the best option. What you may not realize is, if you’re ready and able to buy, this time of year could actually give you an edge.
Here is why – as the weather cools down, the housing market often does it and this can work in your favor.
#1) You Likely Won't Feel as Rushed
Traditionally, during the winter, homes often experience more days on market. Data from National Association of Realtors (NAR) shows that trend (see graph below).
This trend is a result of fewer active buyers in the market at this time of year. What does that mean for you as a buyer? There is less competition and houses that are listed aren’t going to be sold as quickly. So, during the winter you’ll likely have more time to consider your options and negotiate a deal without feeling as much pressure.
#2) Sellers May Be More Willing to Negotiate
The decrease in competition among buyers often lead to longer days on market and therefore sellers are more motivated to negotiate.
NAR states, “Lesson competition can lead to better deals. While homes are not selling as fast as the summer, sellers may be more willing to negotiate.”
This may include any of the following areas; price, closing costs, repairs, or including extras like appliances or a warranty.
#3) Homes Are Less Expensive in the Winter
In addition to everything listed above, buyers may see a slightly lower price too. In fact, NAR shows that homes are typically about 5% less expensive now compared to peak in the summer.
You can see this expected seasonal shift in home prices taking place this year in the graph below. Keep in mind that this is national data.
This gives you the chance to make your budget go further. If you’re interested in the data in your specific area, reach out and we can provide that for you!
Bottom Line
Buying a home during the winter means less competition, motivated sellers and potentially lower prices. We would love to work with you to find the right home for you and your family this winter!
