For many parts of the country, it’s safe to say that winter is officially upon us. If you’ve been looking to buy a home, you might think that this means it’s time to take a break from the search until the spring months return. But before you put your house-hunting on hold for the season, or if you need to continue the search due to your circumstances, there could be a few benefits to push through this winter. Though the inventory might be lower this time of year than during the warmer months, it could be argued that for those motivated buyers, the winter could be a buyer’s market, and here’s why.
Though there might not be as many houses on the market in the Winter, as sellers take some time off from the showings and open houses or they’re getting prepared to put the “For Sale” sign up in the spring, there are also fewer buyers. Less competition for buyers means a reduced likelihood of additional negotiations or even losing out on a home due to competitive offers.
Depending on the sellers circumstances or reasons for selling, they could potentially be very motivated if they’re doing so in the Winter months. Changes of jobs or other life circumstances happen year round, so depending on the circumstances, sellers can potentially be more motivated.
With the likelihood of less competition for buyers and more motivated sellers, the winter season could result in lower prices. During peak times, sellers may have more offers to choose from, which can increase price. Fewers buyers means less demand and thus, potentially lower prices.
With these three reasons in mind, if you’re a buyer that’s motivated to continue your house hunt in the winter, it could pay off big time. With fewer competitive house hunters out there, the likelihood for more motivated sellers, and the potential for lower prices than during peak times, the winter could be the perfect time to make a home purchase. Though moving during the warmer months is preferred, you never know when your perfect new or next home is going to hit the market. Don’t let the winter months halt your efforts.