WHY WINTER TIME IS THE BEST TIME TO BUY A HOUSE!!

People say that summers and spring is the ideal time to buy a house. It is a more pleasant time of year and sellers know their yards look better when not covered in snow. Yet there are some logical and compelling reasons for shopping a house in winter. It actually pays to list your house as a seller in the winter, when buyers tend to have more urgency. A study by Redpin shows that average sellers get offers above their asking price during the months of December, January, February and March than they do from June through November.

Here are some of the advantages that show how you could benefit from house hunting in winter.

·         LESS COMPETETION: Since spring and summer are the most active real estate seasons, many home sellers wait until then to list their homes. That means there are fewer homes for sale in the winter, but the sellers often have strong reasons to sell their homes soon, such as job relocation. These motivated sellers can be a boon to the home buyer. Less competition means you can be more aggressive with less chance of being outbid.  Its simple economics - the low demand will work in your favor. So for the investor looking to find a good deal in the housing market, the winter can be prime time.

·         LOWER PRICE: When you have fewer buyers in the market, supply exceeds demand. This usually results in prices being lower than during the hot or peak season. Just as there are fewer homes for sale during the winter, there are fewer buyers, too. That means less competition and sellers who are more willing to accommodate potential buyers. Use this knowledge to your advantage. Offer a relatively low (but not insultingly low) bid for the home you’ve selected, or ask for perks such as the living room furniture or the chandelier that you admire. The low number of potential buyers also means you have more time to make your decision. In the spring, you often need to choose a home and act quickly, but in winter you may be able to take your time.

·         ASSESSING HOME’S REAL FITNESS: Viewing homes in the winter lets you see how it holds up to the weather. Did you feel cold while looking through the house? Is there a functioning heating system and hot water? Are the windows letting in drafts? A lot of homes seem really nice in summer months but could have issues with heating or insulation but in winter those problems will be obvious. Keep an eye out for signs that things might not be up to snuff.

·         MOTIVATED SELLERS: All the low activity in the winter will result in sellers being far more motivated to sell. Sellers in winter may have a hard deadline on selling their home which means you could get a sizeable amount off the purchase price.

·         YOUR REAL ESTATE AGENT WILL WORK HARDER: Low activity during the winter months also means you will have the undivided attention of your realtor, and he or she will be working harder for you. Agents will have fewer clients and more time to focus on your home search. Lenders will be more accessible for questions and assistance. Some lenders even waive fees during the off-season to encourage borrowers to use their services. Likewise, movers tend to lower their costs during the winter months.

Winter may be the ‘slowest’ season of the four but that doesn’t mean homes can’t be found and deals can’t be made. If you’re looking for a home this winter contact Jeevan Punni today at 416-371-3737.

Editor: Neha Charan