While the spring and summer continue to be popular home-buying seasons, there’s no reason you can’t purchase a home during the winter months! Winter isn’t quite as unpopular in the real estate world as you’d think— Ramsey Solutions reports, over a million homes were sold in the U.S. last winter. That being said, there are some major advantages of purchasing in the winter that you won’t find in the spring or summer.
The Market Looks Different
In the winter, there’s significantly less competition and typically lower prices. Less competition means you’re less likely to enter a bidding war with other interested parties. If you’re willing to brave the Michigan winter, chances are other people won’t be (and won’t be showing up to tour your prospective home).
The lack of buyers directly affects the price of homes during this season. According to Ramsey Solutions, last year’s median listing price of homes sold from December through February was around 6% lower than homes sold from March through May 4. Home prices are generally lower, which gives you more room to negotiate with the seller and makes winter a smart time to buy.
Faster Buying Process
Since winter is a slower season, you’ll find that movers, realtors, and mortgage brokers have more availability in comparison to spring or summer. This means you’ll have a faster buying process from start to finish, which is a huge benefit.
It’s no secret that real estate agents are busy— especially during the crazy market we’ve seen over the past couple of years. As the slower winter season rolls around, you can rest assured knowing that your realtor will want you to find a home as much as you do. They’ll be able to work faster, devote more time to you, and help you get the best deal possible.
Faster Closing Process
If a seller is listing their home in the winter, chances are they’re as motivated to sell as you are to buy. Rocket Homes says, whatever the reason may be for the seller to move, odds are they want to get out quickly because it’s better for them to buy in the winter as well. With fewer buyers to negotiate with, the closing process will likely move along quicker. Keep in mind that inclement weather could delay inspections and appraisals; however, more professional availability in this sector should work to your advantage here.
Although winter may feel like the “off-season” for home buying, it still comes with its benefits. If you’re interested in finding a home this season, reach out to us! The Steve Volkers Group would love to connect with you and help you find exactly what you’re looking for in your next home.Posted by Steve Volkers on