Whenever you’re planning on buying a house, you’ll face certain challenges. Price, competition, and negotiations are always complicated. There is a simple tip to make the process a little easier, however. If you are in the early stages of your home search, if you can wait until winter, you’ll find it simpler to get the upper hand in several ways. Here are the big ones.
In the wintertime, most sellers are waiting until the spring or summer to put their homes on the market. That means there is less inventory to look at, but that also means you’ll have fewer offers to compete with. This can give you an upper hand when negotiating and counter-offering.
Sellers Are Motivated
If you’re buying a house in winter, you’ll notice that prices are lower. This is because most people selling in winter are motivated. In some cases, they need to move because of a new job. In others, their house has been on the market since spring or summer, and they’ve lowered their asking price. It’s not uncommon for a person or family to find themselves in a new home before their old one has sold. After a few months of paying two mortgages, sellers become very motivated to lower their prices.
Realtors Are Motivated
Because of the lower inventory and a general seasonal business slowdown, realtors are more motivated than usual to close deals. This can benefit a buyer in many ways. A realtor knows the fair price for buying a house in the neighborhood, but also know what people are paying for houses there. If an offer is even close to reasonable, they will do everything they can to close the deal and help hit their sales goals in the slow winter months. An unmotivated seller can be swayed by their realtor if they explain the reality that a lower offer is better than keeping the house on the market for extra months. All of this is true if you are hiring a realtor to help you buy as well. They’re ready to make a deal and will happily handle negotiations for you.
The prospect of staging a home for open houses in winter is not appealing, and neither is the task of moving. On the other hand, as a seller, you may find your home moves quicker in the colder months, and those looking to purchase a home will find it to be a buyer’s market!