Buying a Home in the Offseason – Reblogged from The Kufner Team on WordPress
As temperatures drop and the weather chills during the winter, it may not seem like the ideal time to buy a home, but if one can bear the cold, then there are many advantages for buyers to consider if they are in the market for a home.
For example, there are typically fewer buyers during the winter season, so there is less competition. Not only is there is less competition, but there are also fewer units on the market, creating an opportunity for a buyer to get a favorable deal. With fewer units on the market, sellers during the winter may need to move from their property for a strong reason, such as job relocation.
Since other people are typically unwilling to move during this time period, this can be an advantage to the buyer’s position. Simply put, when it comes to supply and demand of the season, the buyer might be a step ahead during the winter if they have flexibility and are not constrained by the schedule of the school season, for example.
Also, with fewer homes to see during the winter, it may be easier to only look at a smaller supply of homes rather than being overwhelmed by home after home. For the indecisive, this can be a blessing, especially since some buyers might be able to take a little more time to make a decision in the winter, while in the spring, they may have to act quickly due to high competition with other buyers.
Another advantage to looking at homes in the winter is buyers will have a better idea of how the heating works and whether it is a drafty home.
In addition, sometimes lenders have fewer applications to process during the winter months. As a result, it’s possible a mortgage will be approved more smoothly. A quicker closing is more likely than what buyers in May, June, and July could experience. A REALTOR® may also have fewer clients during the winter and may be able to spend more time on the home search.
Overall, during the winter, a buyer’s market generally prevails, as the spring and summer are typically the most active real estate months. So put on a winter coat, and happy house hunting.