While spring is traditionally recognized as peak homebuying season, there are several advantages to purchasing a home in the winter. While it may not be fun lugging moving boxes back and forth in frigid, snowy weather, the potential benefits of buying in the winter are definitely worth considering:
1. Better pricing. In the winter, there are fewer buyers shopping for homes. Because of this, homes may sit on the market longer than they would in the spring or summer. In some cases, you may even see homes that have been for sale since the summer. The longer a home sits on the market, the more likely you are to see a reduction in the list price, and the more likely a seller will be to entertain a lower asking price. With fewer buyers in the winter, there’s also less risk that home prices will exceed their appraised value. In general, shopping for a home in the winter provides you with a better chance of finding a good deal than you would have during peak homebuying season.
2. Less competition. Another benefit of buying a home in the winter is that there is less chance of other buyers competing for the same properties as you. This means less chance of a bidding war or having to compete with an all-cash offer. Buying a home in a less competitive environment can be less stressful and can allow you more time to think through your decision. You definitely don’t want to rush into a purchase and end up with a home you can’t really afford.
3. Fewer surprises. Spring and summer weather can mask serious home issues like drafts, leaks, mold, and faulty heating systems. However, if you’re buying in the winter, you have a chance to experience a home during its most challenging season. A winter home inspection can reveal how well a home will hold up to the cold, snow, and ice. Pinpointing any winter-related issues can give you more leverage during price negotiations, as well as an idea of what home improvements you may need to make after buying.
4. Ability to close faster. Fewer buyers in the winter means less people vying for the attention of your realtor, mortgage lender, appraiser, and inspector. This can allow you to get more hands-on support and guidance as you navigate the homebuying process. It can also mean fewer scheduling delays and a faster loan underwriting process. All of this can translate into a speedier loan closing and help you move into your new home as quickly as possible.
5. Easier to remodel. If you’re buying a home that will need some renovations, it’s worth considering that contractors are typically easier to hire in the winter than during peak homebuying season. Contractors are generally less busy in the winter and can provide you with more personalized service and faster remodeling. In many cases, your renovation will cost less in the winter as well.
If buying a home is in your future, you may want to rethink holding off until the spring. The advantages and potential cost savings of buying a home in the winter could be significant. If you’re interested in exploring a new home purchase in Massachusetts or Rhode Island, don’t hesitate to contact our expert mortgage team today. With a wide range of home loan options, we can help you get into the home of your dreams this winter.