The winter to some is cold, long and dreadful. It can seem like it doesn’t let up and it’s full of misery. To others it’s a blanket of powdery beauty. I guess it all depends on your perspective. The same idea can be applied to real estate.
While the winter does tend to get cold and things seem to be moving increasingly slower there is in my eyes no better time to buy than in the winter if you want to catch a deal. This time of year the days on market for listings are longer and there are less bids being submitted on one house at a time. The buyer is really able to take a step back and analyze all aspects of the house before submitting their offer. They can take a breath and see if the location, commute to work, distance from shops, restaurants and of course the overall condition of the home itself will work for them.
Since most buyers hold off their searches till the early spring you likely will be getting more hands on attention from your trusted real estate agent. With fewer clients it frees up your realtors time. He/she will likely have more availability to show you homes every other night of the week verses the potential regular schedule of 2x’s a week.
Winters slow pace seems to also apply with interest rates. Rates tend to cool down and in areas near me have dropped around .05% – 1% . Sellers (some) are also willing to negotiate a little more to get their home to sell quicker. In the spring they often will receive multiple bids on a home at a time, in the winter the home could sit on the market 45+ days with no bids. Buyers can use this to their advantage and negotiate more than normal.
While winter seems to have a lot of negative connotation to it, it also has a heck of a lot of positive things to recognize as far as real estate goes. Weigh your options and reach out to your real estate agent with questions.
Till Next Time,