Sellers often start to cringe when a house goes on the market in the winter months while buyers collectively fist pump with excitement knowing that a deal could be just around the corner. For both, however, there are some fantastic benefits to putting a house on the market during the real estate offseason, and for buyers specifically, the winter is a great time to house hunt.
During winter, many folks are focusing on holidays, the great indoors, and warm fireplaces while savvy buyers are looking towards listings in order to find great deals on homes. Winter is a great time to buy and here’s why.
Sellers Are Desperate
If a house is on the local real estate market during winter, you can be assured that a seller is desperate to sell the house. Desperate may be a bit of a hyperbole, but it got your attention right?
Any seller understands that putting a house on the market in the winter is a bit risky. They risk selling the home at a lower price and, even further, risk not selling the home at all or selling it over many many months. In most circumstances, a home that comes up on the market during the wintertime is most likely a case of a seller moving on short notice. As a result, you can get a good deal on a winter home.
Far Less Competition
Unless you like the rat race of home buying during the busy summer season, then you’ll likely enjoy buying during the reasonably calm fall and winter months. With fewer homes on the market in wintertime, there are subsequently fewer buyers looking for homes and therefore fewer offers to compete with.
The summer sales season often leaves sellers with a handful of offers to choose from while the winter gives buyers the upper hand. If you’re the type that doesn’t mind having a department store to yourself to shop, then you may be the perfect type for buying a home in the winter.
Probably the biggest advantage of buying in the winter is that you can generally pay less for homes on the market. The reason for this is what we’ve already outlined above: sellers and realtors desperate to offload inventory, and less competition, therefore, lowering prices.
In addition to potentially lower listing prices, you’ll have the advantage of negotiating power over many buyers. After all, a buyer who is selling a home during the winter months will likely take any reasonable offer they get which means you can save several thousand dollars on the sales price. Try not to entirely low ball your offer, but take the advice of your real estate agent and get a good deal.
Financing is Still Hot
Despite the temperatures cooling off, financing is still a hot topic and will remain so throughout the year. Before you start looking for those affordable winter deals, make sure you’ve got your financing in order first. Contact Tidewater Mortgage Services, Inc and get in touch with a loan expert today. Our easy online application can get you pre-qualified in as little as 24 hours. Get in touch today and get your winter homebuying journey started right!