Is Winter the Best Time to Buy a New Home?
Picture yourself moving into a brand new home.
Or a used home, that works too - but new for you. If you’ve found something with good bones, you can grace your home with your personal touches. Paint, furniture, maybe a couple renovations here and there. This all involves a lot of moving to and from your new home.
Which isn’t realistically an enjoyable process during the winter. Here in the lower mainland you’re bound to be pelted with rain, but for our friends in Northern BC and Alberta, the realities of moving during the winter are much harsher.
This all results in one of the most important factors for winter house-hunting: less competition.
Bidding wars on houses are much more common during the spring and summer months when it’s easier and more pleasant to get out and shop. People also know their yards look better and their curb appeal is up during the summer, so the tendency during the winter is to price homes competitively in order to sell quicker.
Less demand for a property you’ve got your heart set on is a good thing because you won’t feel as much pressure to lead with a high offer. For this same reason, sellers will also be more motivated - they’ll have fewer offers to contemplate.
Left Over Inventory
Michael Corbett over at Forbes believes the first couple months of each year are a lull for real estate. People have either wrapped up deals before the holidays or they’ve yet to get organized enough to sell. This means that sellers are motivated to get a completed deal before the spring and summer months cool around.
What this does mean, however, is that there is less choice for buyers.
Identify your key needs and wants and stick to your guns. Buying a home in the winter is beneficial provided you know exactly what you’re looking for, because there won’t be a lot of options for window-shopping.
But when that perfect home does come around? You’ll know it, and chances are you’ll get a better deal now instead of waiting for the summer when more buyers are out and about shopping.
It All Comes Down to Value
Does this mean you’re going to get taken to task if you buy a home in the summer? No, but you’ll be more likely to pay more. That doesn’t mean you’ll be left to settle for what’s left on the market, it just means the value of your investment could potentially be higher.
Heck, the home you want, the home you need, simply might not be out there in the market during the winter.
But if it is, then value will be high. Pounce on it!
Need help with your mortgage? Give us a call!