The winter season is often thought of as the “off season” for the real estate market. Colder and/or wintry weather is often blamed for this lull, but here in the South, the weather is not so much a factor as the simple fact that fewer homeowners are selling and fewer buyers are looking. Whatever the cause, many people assume they should wait until spring to look for a new home. However, if you approach your house hunt strategically and are willing to brave the elements, the winter months might actually be the best time for you to buy. Let’s look at a few perks of buying a home in winter.
Fewer Buyers to Compete With
Often during the spring and summer months, the pressure is on the buyer to make a generous offer quickly on a home they like — otherwise another buyer may swoop in and sign a contract ahead of you. With fewer buyers looking at available homes, there is less risk of missing an opportunity. You can relax a little more and consider whether the home is right for you. And when you do make an offer, you run less risk of a bidding war.
Motivated Sellers
Many homebuyers shop for homes in winter out of necessity, meaning they are more committed to buy. Conversely, most sellers in winter are just as motivated to work with buyers. As a result of the slower market, you’re more likely to get a better deal or more concessions on a home purchase than if you tried to buy the same home in summertime.
More Negotiation Power
The change of seasons technically doesn’t affect property values — however, it does have at least a modest effect on sales prices. With fewer buyers making competing offers, and depending on the seller’s motivation, you have a bit more wiggle room with negotiation as a buyer, and you may be able to get more home for the money.
See the Home at Its “Worst”
In the wintertime when trees and lawns are dormant, you actually have a chance to view homes when curb appeal is at its lowest, and you’ll be able to see flaws more clearly to get a better view of what you’re buying. Also, if you want to see how well built a home retains its heat, schedule a viewing on a particularly cold day. Is it cold and drafty inside, or is it warm and cozy?
Fewer Delays and Quicker Closing Times
With fewer buyers and sellers signing contracts, the mortgage companies are also not as busy in winter. Neither are the title companies, home inspectors and appraisers. This means your lender can give more attention to your loan, inspections and paperwork can process more quickly, and you’re more likely to close in a timely manner — simply because there are fewer distractions.
You might have a few less homes from which to choose by buying in winter, but with less competition and more motivated sellers, you might be surprised at the deals that are available this time of year. If you’re ready to start looking for the home of your dreams, call Atlanta Fine Homes Sotheby’s International Realty at 404.948.4812.