Spring and summer are usually considered the best times of year to buy a house. The real estate market tends to slow down in the winter because buyers and sellers both prefer navigating the market during the warmer months. However, house hunting in the winter does have some unique advantages. Here are nine hidden benefits of buying a house in the winter:
1. Less Competition
Because there are downsides to buying a home and moving in the winter, you’ll face less competition if you enter the market during this time. Some buyers don’t want to look for homes in the cold weather, and some wait until the summer so they can move during their kids’ school break.
As a prospective buyer, less competition is always good news. You can take more time when deciding whether to put in an offer, and you’re less likely to enter a bidding war. This will help you keep a cool head, which will prevent you from rushing into a regrettable decision.
2. More Flexibility From Agent
Fewer buyers are in the market in the winter, which means your real estate agent probably has more time to dedicate to you. If you search for a home in the winter, scheduling showings with your agent may be far easier. You may also find that your agent gets back to you faster and is able to offer you more time for one-on-one advising. Your relationship with your agent can make or break your home buying experience, and connecting with an agent in the winter can set you up for success.
3. Lower Prices
Less competition generally means lower prices. Although some real estate markets stay hot year-round, you might see prices level off or decline slightly during the fall and winter. Bidding wars also become less common as competition decreases, so homes are more likely to sell at or below their listing price. On average, home prices drop around 5% to 10% in the winter before rebounding in the spring.
4. Motivated Sellers
With fewer buyers in the market in the winter, sellers have less power. They’re more likely to accept a lower offer or an offer with extra contingencies because they’re not receiving dozens of bids like they might in the summer. If you want especially strong negotiating power as a buyer, look for homes that have been on the market for longer than average.
Additionally, homeowners who are selling their properties in the winter often have a strict deadline, which is why they’re listing their homes during the off-season. They might be relocating for a new job or moving due to a family crisis. When someone needs to sell their home fast, they’ll make more concessions.
5. More Transparency
One of the greatest benefits of looking at houses in the winter is that you can easily spot weather-related problems. For example, during a showing, you may notice drafty windows or poor insulation. Ice dams are another major problem you can spot at a winter showing. If you buy a house in the summer, these issues might not be revealed until you’ve owned the property for several months.
6. Faster Closing
There are several reasons you can close on a home faster in the winter. This season is slower for agents, mortgage lenders, home inspectors, and other professionals involved in real estate transactions. Because their workload is smaller, they can move more quickly on your purchase. Setting the closing date is also easier because everyone’s schedules are lighter. Sellers can often close faster in the winter, too. In many cases, people who list their homes in the winter are trying to meet a tight deadline for their own relocation.
7. Better Communication From Lender
Just like your agent may have more time and flexibility in the winter, your mortgage lender can likely dedicate more time to you as well. Being able to work closely with your lender throughout the home buying process is a huge advantage. When you start your home search in the winter, your lender can complete your pre-approval faster and can respond quickly to any questions you have about your application. As you prepare to close on your home, having regular communication with your lender is especially valuable.
8. Easier to Hire Movers
Moving is difficult in the winter. No one wants to move when it’s cold and dark, and icy or snowy conditions can make the process hazardous. However, one advantage of moving in the winter is that hiring movers is far easier.
Renters and homeowners alike prefer to move in the summer, so moving companies can get booked up months in advance. In the winter, though, they have much more availability and flexibility. If you’re moving on short notice, you’ll probably still be able to book a mover. Some companies even offer discounts on winter moves.
9. More Contractor Availability
Most buyers complete at least one repair or renovation in the first few months in their new home. If you purchase an older home or a fixer-upper, you should expect to contact several professionals as you start working on the property. Even if your new home is in great condition, something almost always breaks shortly after moving in.
Fortunately, finding contractors is much easier in the winter than it is in the summer. Just like movers book up their schedules well in advance during summer, contractors are also hard to find in the warmer months. When you move into your house in the winter, you’ll have your pick of contractors when starting your upgrades or repairs.
Should You Buy a Home in the Winter?
Buying a house in the winter has a lot of downsides, which is why so many buyers wait until spring or summer to start their search. If you begin house hunting in the winter, you should expect to see a smaller supply of homes. Moving in the winter can be difficult and unpleasant, too. Additionally, if you have kids, moving to a new town in the middle of the school year can be very disruptive.
Despite all of these challenges, some people choose to start their home search in the winter because they have more flexibility and negotiating power. If you’re a first-time home buyer or are trying to get the best possible deal, looking for a house in the winter may be a wise move. You’ll also find it easier to connect and coordinate with all of the professionals involved in the purchase, including agents, lenders, inspectors, appraisers, movers, and contractors.
There are pros and cons to purchasing a home during any time of year. If you want to avoid competition and get a better deal, consider buying a house in the winter. Although winter house hunting has its downsides, it also offers plenty of benefits.
