Top 4 Reasons to Buy Your Home in the Winter
Why Buying in the Winter is Better
Here is a list of four ways that buying a home in the winter will benefit you:
1. Lower Housing Prices
When purchasing a home in the spring or summer, it means you’re most likely buying in a seller’s market. The demand will increase, and the prices will follow, which in turn will see many home sellers raising the prices of their homes in late spring.
The housing market will skyrocket in the spring, and have it peaking in May. Inflation happens, so you’ll want to buy before spring has sprung.
Based on actual data from the Canadian Real Estate Association (CREA) compiled from 2007-2016, the highest number of residential listings occur in May, with an average of 94,746. Which means you’d be up against numerous bidders.
2. Motivated Sellers
Most people selling their homes are highly motivated to buyers in the winter months. In the spring and summer, a lot of home sellers will wait so they can get an even higher price for their home.
Many homeowners selling in the winter have factors that are forcing them to move (paying an extra mortgage plus homeowners insurance, or work) and will be open to negotiating with you to sell their home as quickly as possible.
3. Less Competition and Fewer Bidding Wars
There will be a lot of sellers waiting until the spring and summer months to sell their home, so the competition will most likely be non-existent. Very few homebuyers will be putting in offers, so it’ll be a rare occurrence to see the price high during negotiating.
Since there will be fewer candidates fighting over the house, you could walk away with an offer at less than asking.
4. Reduced Rates for Movers and Contractors
Other industries that are tied to real estate will decline in the winter months, as well. Though there may be fewer companies willing to move in the wintertime, you are guaranteed to find lower prices than in the summer, because it’s “off-season.”
When making a move to your new home, try using this simple checklist to make it easier on you and your family:
Check the weather often – Try scheduling the moving company on a day where the weather isn’t too bad. Try to keep an eye on the weather patterns.
Consider boarding your pets (if you have any) – It can be complicated moving with pets, so if you can, find a place to board them. It’ll reduce their stress, as well as yours.
Clear all floors, sidewalks, and streets of snow and ice – Make sure all walkable areas are cleared so the movers will have no trouble getting in and out of your home.
Keep your sheets and towels available – The weather can be quite unpredictable during the winter, having some coverings in case of a sudden downpour could make a difference. With just these few tips, you’ll have a smoother moving day.
Tips for Buying a House in the Winter
Though home buying in the winter can save you many hassles to deal with, some roadblocks that could make the journey a bumpy one. Here are three tips for shopping in the winter:
- Home Maintenance – If a home is empty, it may have the water turned off, which can make it that much harder to spot any plumbing issues. Ask about the history of home maintenance and request a home inspection.
- Landscaping – The home you are buying can look different in the winter months, ask to see some off-season photos of the house.
- Home Insurance – You’ll want to factor in home insurance into ongoing home costs. Most mortgage companies or mortgage brokers will not approve a home loan without a plan in place to ensure the investment goes through.
If you’re looking to sell your home during the winter months, contact our knowledgeable team to get you started on your home journey.
With these tips and knowledge of purchasing a home in the winter, we believe you’re on your way to finding that perfect house with ease. To learn more about buying a home, check out “5 Red Flags You Should Look For When Buying A Home.”