Although the spring months may be one of the most popular times for the housing market, that doesn’t mean you need to wait for the flowers to bloom before you get to the shopping. There are several reason why you should consider purchasing a home in the winter, and here’s why:
- Take advantage of lower prices
According to market trends in Canada, the first two weeks of January are usually very s-l-o-w. People tend to be recovering from holiday shopping and returning from vacation; not exactly ready to start thinking about buying a new house.
A slower market may push motivated sellers to lower their prices - which can be a difference of tens of thousands of dollars compared to spring housing prices. There could be a number of reasons why the seller needs to get rid of their property during a less than ideal housing season; divorce, relocation, death in the family, and so on. Shopping around in January is an opportune time to take advantage of getting a discount.
- Less Competition
With fewer buyers during the winter, houses spend more time on the market. With less people on the house hunt, there is less competition for you as a buyer. Chances of risking multiple offers on house you’re keen on could be slim. Less offers can also help you in negotiating a lower price and take the time you need to find the house that is right for you, eliminating the pressure to scoop something up immediately.
- You’ll see the home’s true performance in the coldest of seasons
Everything just seems to look and feel better in the spring. The sun is out, you’ve shed your winter coat, flowers are blooming, leaves are on the trees and the grass is finally green again. This springy feel is a definite perk during the peak buying season.
In winter, however, the home is the truest version of itself. This is the best time to do a home inspection. You’ll see how well the heating works, how dark the house gets, any drafts, lack of insulation, how cold the floors are, what the yard looks like without the leaves on the trees. After a fresh snowfall you’ll notice if a house is losing heat if snow is melted on the roof, and the ones that are well insulated will have a a fresh layer of snow overhead.
If you like the house in the winter, chances are you will love it come summer.
- You’ll have the full attention of your Realtor and Lender.
Winter is a slower season for all parties involved in the home buying process. With less people buying and selling properties, you’re team has even more time to dedicate to you and make sure you get the best deals.