Wintertime, the most wonderful time of the year, especially for those looking to buy properties. While going around in chilly weather, going up and down icy walkways to look at houses may not seem like a fun thing to do, the pros of winter house shopping far outweigh the cons.
Buying a house is probably the biggest investment you will make in your life so the decision better be worth it. Of course, you need to make sure all your papers are in order and documents are readily available as you talk to your local mortgage company in Salt Lake City, Denver, or wherever. You also need to identify what you’re looking for in a home so that you don’t regret your decision.
6 Reasons to Buy a Property in Winter
1. There’s less competition.
While wintertime brings a lower inventory, the upside is there’s also less competition to go against. Not a lot of folks are crazy about (or crazy enough!) looking for a property to buy in close to freezing conditions. Real estate conventional wisdom tells people to go out and buy properties in the spring or summer.
Since the demand during wintertime is low, you can make the most of this to strike deals with realtors. You can be more selective as you have more options to choose from since winter already knocked out a huge chunk of the competition. This increases your success rate at buying a new home compared to shopping for one in summer.
2. Sellers are motivated.
Most of the time, sellers who list their properties during winter are serious about selling them. They list their homes because they need to. Perhaps they have a job offer in the winter that requires them to move cross-country or maybe they’re going through some personal issues at the time.
Circumstances like these, and a lot more, motivate sellers to dispose of the property as soon as they can. They are more willing to cut a deal just to make the sale. Real estate agents are aware of this trend which is why they usually recommend waiting it out until spring to buy a home. Winter is not a good season for sellers and agents, in general.
3. You can evaluate the house in its worst condition.
A house that looks perfect in spring or summer may look entirely different under the stresses winter brings. Buying a house during this season lets you see how drafty the windows are or how well the furnace is working. You also get to see what it looks like without all the green and covered in ice. You spot ice dams in the roof or see how much snow you need to shovel from the driveway.
4. Movers are easier to get.
Since moving around wintertime is never a popular choice, there’s less competition in the market as far as hiring professional movers is concerned. Movers’ schedules aren’t as packed as it is in spring or summer. As the demand is low, they might even give you a good package.
5. Enjoy last-minute tax savings.
Buying a home in winter could get you some tax benefits in the form of potential deductions. This is your last chance to buy a home in the year and use it as a tax write-off for 2019. The deductions will still depend on the local tax laws so it is still best to talk to tax experts to know your options.
6. Closing deals are faster and easier.
During the holidays, things generally slow down, even in the real estate industry. Since it’s mostly downtime for a lot of companies, getting approved for loans and closing deals are much quicker than it is in spring or summer where most mortgage brokers are backed up by weeks.
While there are certain cons to buying a property in the wintertime, the pros listed above are definitely worth considering. So put on your winter coat, boots, and gloves and head on out the door to look for that perfect home for you. Happy hunting!