While it may seem unexpected and impractical, buying a home in the wintertime can actually be a great idea! Here are just a few reasons why:
1. Sellers Are More Motivated
When a homeowner decides to sell in the winter, it’s usually because they want it to sell very quickly. It could be that they’re relocating, need to downsize or anything in between, but they are almost always very motivated. A motivated seller means the buyer has the upper hand in negotiations on purchasing the home.
2. Home Inspections are Done in More Challenging Weather
Winter usually comes with more extreme weather, especially here in Colorado. This means that when inspectors come out, the home will be under more duress than usual, showing all of the potential flaws. You’ll know if ice accumulates on the roof, if there are any current leaks, if the heating system is working properly and much more. All of these are crucial elements to a thorough inspection.
3. Less Competition
Spring and summer are, traditionally, the popular times to buy a home. This means that it’s fairly saturated and busy, thus giving you more competition and less chance of getting a great deal. Bidding wars are more common during these seasons because of the number of potential buyers. This becomes less likely the further you move into fall and winter. While inventory is lower, it is still the ideal time due to the lack of competition all around. This also gives you a great advantage in negotiations as well.
4. Lower Prices
The demand for homes is much lower in the wintertime, which means the prices are inherently low as well. Sellers have very little choice but to keep their prices lower than usual when attempting to sell during the winter months. You’re very likely to score some great housing deals this time of year!
5. Realtors Aren’t As Busy
Summer and spring tend to be the busiest time of year for realtors because that’s when most people are buying and selling. They have fewer clients in the winter, which allows them to really dive in deep to find what you’re looking for in a home. This will make your buying process much quicker and smoother overall.
6. Better Rates
If you’re planning on taking out a mortgage for your home, winter is the ideal time for great interest rates from lenders. Few applicants in December, January and February mean that you have a greater chance of good financing terms. In the long run, this could save you quite a bit of money, so it’s the perfect time to buy a new home!
As always, whether you’re planning on buying, selling or buying AND selling, I am here to get the job done. If you’re considering buying or selling this winter, get in touch with me and we’ll get the ball rolling to find the home of your dreams!
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