November 2017

Why winter could be a great time to buy a home

Spring and summer are peak times for home buying, but don't write winter off completely. Depending on your situation, this season could actually be a great time to find your next home.

Why? Because during the winter months you may be able to take advantage of:

Better prices. You're likely to find that homes are less expensive in the winter months. In fact, according to NerdWallet, homes for sale in January or February cost an average of 8.45% less than in June through August.Footnote1 That's a significant savings, which may be worth the slight sacrifice in selection.

Less competition. Sure, there may be fewer homes on the market from November through February, but the upside is that there are also not as many buyers out there competing for them — potentially giving you a greater chance of closing on a home you want.

A buyer's market. If people are willing to put their home on the market during the slower winter season, they probably have a specific reason for doing so — for example, they need to relocate quickly for a job. This type of motivation in a seller could give buyers the edge when it comes time to negotiate the home price.

These are a few of the potential advantages to buying a home in the off-season, but the very best time to buy a house will always be a highly personal decision that takes into account lots of different factors. I can help you figure out what makes the most sense for your situation and circumstances, so feel free to contact me.

 

Sources:

1"House shopping after summer ends? Buying later in the year could save you thousands," NerdWallet.com
"Buying a home in the winter," Realtor.com
"When is the best time to buy a home?," Time.com

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