Winter is most often considered a time when the housing market slows down. Most people prefer to make their purchases in the spring or summer because the weather is not as hospitable for moving as it is during the remainder of the year. However, there are many advantages, both for home buyers and sellers that you may want to consider when you are listing your home for sale.
One of the best things about the housing market during the winter is the fact that there is simply less competition out there. This works in the favor of both home buyers and home sellers. Less competition means that there will not be as many buyers out there that you need to compete with as a buyer and home sellers will not have as many other homes to compete with.
Home sellers will also have a benefit during this time because their realtor or agent will probably not have as many home listings to manage and will therefore be more motivated to sell your home. Buyers will also find that realtors and home sellers are more flexible with their time because there are fewer buyers who are in the market.
One benefit that will be very beneficial to home buyers is the fact that sellers will be more motivated during the winter and it will be more likely that you will be able to receive a good price on the home that you are buying. They may also be willing to cover more of the closing costs than they would during the summer and spring.
Sellers can also benefit from winter buyers for this same reason. Many people who are buying homes in the winter are doing so out of necessity. They may be moving for their job or other reasons, but it is likely that they are under a certain degree of a time constraint. This means that they may be more motivated to pay higher prices, pay more closing costs on their own, and avoid requesting changes that were found on the inspection.
Winter Capability of the Home
One item that is difficult to determine during the summer home buying process is whether there are any cold weather issues that you should be concerned about. While most homes have adequate cooling systems, it is more difficult to determine if a home is drafty or needs some upkeep for the winter.
However, when purchasing during the winter, this will not be an issue. You will be able to see any issues easily when the home is inspected and many of them will probably be revealed as you are walking through the home for the first time. This gives you the opportunity to have the inspector check for certain areas that you may have noticed on your initial walkthrough.
Faster Loan Process
Another item that will benefit both sides of the table is with fewer homes being bought and sold during the winter, there is less work for loan processors to do. With this in mind, you will probably be able to have a smoother process for closing your home.
During the spring and summer when there are multiple loans attempting to close at the same time, you may find that it takes a month or two before the complete loan process to be finished. However, you will find that the process is much faster during the winter.
Although winter is not typically considered a time when you would buy or sell a home, there are many benefits to doing your home buying or selling during this time. However, you should keep in mind that you will also need to move during this timeframe as well and if the weather is not conducive, this may be a problem.
Buying a home during the winter may seem like it is more beneficial to a buyer. However, there are also many ways that it can benefit a seller as well. If you are hesitant to list or buy a home during the winter, be sure to consider the benefits that you will see from doing so.