The real estate market typically peaks from May to September. Everyone is seeking to plan their move around the good weather. Starting in October, as the weather starts to cool down, the real estate market begins to decline. However, as a buyer, you could be rewarded with many benefits if you are willing to purchase your home in the winter.
#1) Home prices are typically lower
Since less people are inclined to purchase in the winter, sellers have to price accordingly. Studies have shown that houses on average stay on the market longer in comparison to peak real estate months. This typically results in lower prices to incentivize buyers into purchase the home. Sellers will be advised to lower the price of their home in order for it to sell quicker. So tough out the cold and come out ahead on your next home purchase.
#2) Less competition
Have you ever put in an offer on a home you love only for it to be declined or sold to someone else? In the winter, your competition is reduced dramatically. Less people seeking to buy means you are less likely to run into competition on the home you are interested in buying.
#3) Get the most out of your agent
Your real estate agent will most likely have less clients they are actively working with. Less clients means your agent will have more time and energy to put into the research of your home purchase. Take advantage of this while it lasts, because chances are this will not be the case in the Summer.
#4) Faster closings
The winter is also slow for mortgage companies. Having a much lighter work load means that your mortgage can be pushed through quicker than average.
