Should You Buy A Home In The Winter?

Since summer is long gone and the colder months are fast approaching, you may be wondering whether you should buy a home in the winter. The reality is that there are actually a number of benefits you can enjoy if you decide to go house shopping in the colder months. Keep reading to learn more about why buying a home in the winter may work to your advantage.

Less Competition From Other Buyers

There’s no denying that most people prefer to buy a home in the spring and summer. They like the idea of being able to walk around the yard, move when it’s nice out, and enroll their children into the school system in time for the upcoming year.

For these reasons, fewer people search for homes in the winter. So, what does this mean for you? Less competition! The less competition there is, the stronger negotiating power you’ll have and the more likely the seller will be to accept your offer.

Think about it. If you walk into an open house in the warmer months and there are 20 people viewing the home, you’ll likely have to make an offer that is either at or above asking price. On the other hand, if you go to an open house in the winter and it’s just you and maybe a few other people, you may be able to lock down the home with a lower offer.  

Is It Cheaper To Buy A House In The Winter?

House prices usually go down in the winter. There is less competition and more motivated sellers. Sellers may be motivated to sell in the winter for a number of different reasons. 

Maybe they’ve already bought another home and want to move in as soon as possible. Maybe they need to relocate right away due to a job in a new city. Whatever the reason, the seller is likely attempting to sell in the off-season because they need the cash quickly and want to get their current home off their hands. 

They may list their home at a low asking price in an attempt to make a quick sale. They may also be willing to accept an offer that is well below asking price. When you see a home you like in the winter, it’s a good idea to research comparable home prices, consider how many other buyers are interested in the home, and think about your seller’s circumstances. You may very well be able to snag your dream home at below market value.

What Is The Best Time Of Year To Buy A Home?

The best month to buy a home is when the home you want comes on the market and you are financially ready to buy it. While there will be more houses on the market during the warmer months, there will also be higher process and more competition among buyers. Even though there will be fewer homes on the market in the winter, less competition and motivated sellers may work in your favor and allow you to buy the perfect home at a lower price point. 

Is It Bad To Buy A House In The Winter?

Although there are some noteworthy advantages to buying a home during the winter, there are a few drawbacks that are important to keep in mind. As we stated, there will be fewer homes on the market so you’ll have a smaller inventory to choose from. 

Also, you’ll have a more difficult time getting a feel for the yard because it may be covered in snow. In addition, moving may be more of a hassle and you’ll have to ensure that the home’s heating system is in tip-top shape so that you can move in without freezing. 

Get The Process Started For A Rocket Mortgage® Home Mortgage Today

The dream home you’re looking for could come up for sale in the winter, tomorrow, or 6 months from now. Stay a step ahead of other buyers by keeping an eye on houses that come on the market. Learn the pricing for comparable homes, and get preapproved for a home loan. A preapproval lasts for months, and will ensure you’re ready to make a competitive offer when the time is right.