It’s cold, messy and usually hectic with holiday season right around the corner. For those of you who are in this position, there IS some hope for you!
Even though the end of the year isn’t the most ideal time to move, there are some advantages to this time of year.
Here are 5 great benefits to buying during the winter.
1. Less Buyers to Compete With: Rest assured you are not the only one who may not be happy about buying in the winter. Statistically speaking there is usually less activity in the real estate market in the winter, so more people look to buy during other times of the year as well. This means you have less people to compete with when you are submitting offers, resulting in less chances of multiple offers when you are shopping.
2. Prices Are Lower: Pricing on homes are also more favourable for buyers in the winter season. Inventory on the market is lower, while houses sit longer.
This puts the seller in a vulnerable position- forcing them to price lower or go down in pricing when necessary. In addition to this, interest rates are usually lower around these times to entice buyers.
3. Sellers are Motivated: Due to the fact that selling in the winter tends to be advised against, a seller will be more motivated at this time because there is more than likely a reason for which they are selling. A seller's circumstance plays a large role in them selling and would more than likely play a big part in winter sales. So, if a seller is forced to sell during the winter, you- the buyer- would benefit from them having that.
4. You, the buyer, have more say: In a busy market, with lots of competition, the buyer doesn’t always get afforded an upper hand. Price is usually the determining factor and clauses (terms set out in the agreement) tend to be more in the seller’s favour, if there are any clauses at all. Some examples of clauses are financing, inspection, etc. With a winter purchase, the bottom line isn’t the only consideration and clauses are generally included. If a seller needs a quick closing, an earlier closing date may be more of a negotiation advantage than extra money, depending on a seller’s circumstances.
5. Faster closings: Seeing as winter is at the end of the year, many people want to get their business dealings out of the way before year end. Whether its the holidays or for tax purposes most prefer to finalize things before the end of the year. That being said, the desire to get things wrapped up tends to translate into a trend of faster closings in the winter.