As the temperature cools off, so does all the heat generated by the summer selling season. But, just because it’s no longer the busiest time of year in the housing market doesn’t mean your best chance to buy or sell a home has passed. Each season offers its own advantages to buyers and sellers, and winter is no exception.
Sure, spring and summer are the busiest times for real estate, but winter and the holiday season truly cut back on looky-loos and sellers testing the waters to see what kind of offers they can get.
Whether you are selling or buying, here are five reasons why now is the perfect time.
1. Motivated Buyers & Sellers
While there may be fewer home buyers overall in the winter, the buyers who are shopping around this time of year are typically more motivated. Maybe they’re ending a lease, starting a new job, or relocating to be near family, but whatever the reason, these buyers are probably not just window-shopping, and therefore more likely to make an offer on your home – and a compelling one at that.
If you’re a buyer, you’ll typically encounter sellers who want to sell. They may be forced to move for a number of reasons such as starting a new job in a different state or moving to take care of family. This is a seller who will be more apt to negotiate the price, terms, closing dates and more.
2. Quicker Closing Time
Another key benefit to buying and selling in the offseason is the increased personal attention you’ll receive. Fewer homes on the market translates to fewer transactions overall, so mortgage brokers, home inspectors, appraisers, and title companies are typically less busy this time of year. While striving to provide unparalleled client service year round, realtors too have more time available for each individual client.
With more breathing space on everyone’s calendars, all the paperwork and steps that make up the financing process can be completed more expediently, which means everyone reaches the closing table sooner.
And, crucially for sellers, this also lessens the chance that the deal could fall apart because the lender can’t close on the loan by the deadline.
3. A Home’s Best Features and Attributes
Frosty temps offer you the opportunity to show off how your home can become a warm haven in the middle of winter weather, especially if you've just updated your furnace, replaced windows, and impeccably maintained your fireplace. Today’s buyers prioritize energy efficiency, so make sure to demonstrate how your house holds the heat in. Buyers are more likely to notice these features in the colder winter months and perhaps, submit a stronger offer.
On the flip side, buying during the colder months can reveal a variety of issues that are important to spot before you buy. Drafty windows or doors, poor insulation, problems with the gutters, even roof leaks are far easier to find when the weather puts a home to the test.
4. Less Crowds, Less Competition
While the stores might be crowded during the holiday season, the real estate market typically is not. As a seller, there are fewer listings to contend with, giving your home the opportunity to truly stand out, sell faster, and help you move on to the next chapter. In fact, homes listed in the winter sell faster than any other time of year.
And if you’re shopping for a new home the winter months, you’ll find fewer people to compete against. Many buyers time their purchases to take place over the summer so the family can get settled into their new home before the next school year starts, which is a big reason you’ll be facing fewer fellow buyers in the winter. And since multiple-offer scenarios seem to have become the rule rather than the exception, fewer buyers means you’re less likely to run into a situation in which you’re wrangling against others to offer the best deal – and also more likely to have your first offer accepted.
5. Cost Savings
Clients who move during the offseason often report significant cost savings. Moving companies typically offer discounts of 15 percent or more during the winter months. Renovations and repairs can also be less expensive this time of year. As business slows in the winter, you might be able to negotiate discounted prices than you would during their peak season in the spring, summer, and fall. The holiday season might also provide a great chance to take advantage of pre-holiday sales on appliances, and home decor.
