Just like any other investment, numerous factors determine the decision to buy a home. One of the most important factors to consider is the time of the year. In today’s world, technology has impacted various aspects of investment, and one of these ways is how people invest in property. However, if you prefer to follow the traditional procedure of searching for and buying property, the best time to buy a home would be during winter. Here is why winter is the best time to buy a home:
There Is Less Competition
The only people you will find looking for a property in winter are savvy property investors. This means that there is less competition in winter as you would get in other seasons. Also, most parents prefer not to relocate in the middle of the school years.
There are 21% fewer homes in the market in winter than any other season. Even so, the reduced numbers of potential buyers ensure that you have a better chance of negotiating a good deal than you would in peak season.
You Enjoy Reduced Sale Prices
According to research, single-family homes cost 8.5% less in January and February as compared to the cost of the same house between June and August. January is the best month of the two to buy a home. This is because the median sales price drops to the lowest in January. This makes the first month of the year the best time to clinch the best possible property deal in the market.
You Have Time
When looking at property listings, one of the factors you look for is the length of time the property has been in the market. The best properties to go for are those that have been on the market for months. Sellers may be more willing to negotiate with your terms, and this puts you in the best bargaining position. During winter, properties typically have stayed on the market for a long time. For example, a house that sells in January may have been in the market for months.
You Get a Motivated Seller
With a property that has been in the market for months, most sellers are ready to part with the property for the first deal they get. Also, any seller putting up his or her property for sale in winter is one who needs to sell the property immediately. This makes them more open to lower offers and faster closes.
You Get To See the House in a Challenging Climate
Often, open houses are set up in the perfect weather to bring out the good side of the home. Viewing the property in the worst season gives you a better idea of how the house will hold up during harsh weather conditions. You will get to know how well the home is insulated, if the furnaces are working as they should, and how durable the roof is after the accumulation of ice dams.
As winter sets in, it may be time for you to consider buying a new property if you want to take advantage of the best rates and get your hands on the best properties.