Due to the busy season and inclement weather, many people avoid buying homes during the winter season, instead waiting until spring and summer. Because of this idea, many homes on the market during winter are in fact listed for well below their value, as sellers are looking to find a buyer as soon as possible.
Though there are weather and schedule obstacles in the winter, here are 4 advantages to buying in the winter:
- Less Competitive
One of the biggest challenges homebuyers run into is a competitive market. Many spend weeks and weeks searching for the perfect home only to find that there are multiple offers being considered on the house. As such, the home’s price tends to go up, leaving those with a strict budget out of luck.
During the winter though, purchasing a home is far less competitive since there are fewer people looking to buy, giving homebuyers a chance to find and buy the right home. For instance, if buying a home in Utah, the cold winter weather can actually be advantageous, as it keeps the competition at bay.
Because the market is much slower in the winter, most sellers, if they want to sell their house quickly, are forced to list their homes for below the average. Spring and summer tend to drive the housing prices higher, as there are more homes available. In the winter, with less houses on the market, there are fewer comps in the area to provide a competing, valuable price. If buyers are really interested in getting a steal for the home, winter is the perfect time to buy.
- Motivated Sellers
When it comes to selling a home, the first month is the most crucial time to make a sale. With each passing month, the home loses more and more value as it simply sits on the market. While many people who are interested in selling their home can wait until the spring or summer, some are forced to put their house on the market in the winter. In these cases, many of these sellers need to be moved out of their home as soon as possible, thus they will be more motivated to sell the house—even if it means selling at a lower price or including extra amenities in the sale.
On the other hand, those whose house has been sitting on the market for months are likely just as motivated to sell in the winter, as they do not want their house to be on the market for any longer than necessary. Their motivation can be used to your financial gain.
- Mortgage Approvals
Getting approved for a home can take a while, especially in the busier months. However, in the winter, it is often easier to get approved for a home quickly, allowing buyers to the chance to close escrow in 30 days.
These 4 advantages make winter home buying a great deal!
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