House hunting can be a challenging endeavor, no matter the time of year. And searching for that perfect home during winter can certainly present some additional challenges. However, there can be a silver lining to this typically slow time of year. Read on to learn all about the pros and cons of winter house hunting.
The Season Can Bring Some Limitations
First things first, the weather itself can’t be ignored. Roads can be slick with ice, thereby making it much more difficult to drive around. Add on to that potential hazards, such as sleet and snow, road closures, and vehicle accidents, and you may be discouraged to go out at all! But if you’re determined to find your home this season, try to plan ahead and give yourself plenty of time to get to your destination.
Additionally, daylight hours are shorter during winter, so you may also be working with a smaller window to browse houses. Finally, any home’s lawn and gardens are not going to be at their best this time of year, so try not to let dead grass and barren garden beds take away from an otherwise perfect-looking home.
Buying Advantages This Time Of Year
Because winter tends to be a slower time of year, there are far fewer buyers to compete with. This means more advantages when you do put down an offer for a home. By the time the cold season rolls around, sellers may be more eager to knock the price down on the property, as it has probably been on the market for a while and they are looking to sell fast. Additionally, home maintenance can be more difficult this time of year, especially when freezing temperatures set in. So, it can be an advantageous time to buy a property for a good price.
Wintertime is also when houses tend to sit the longest on the market. Chances are, the sellers overpriced the homes during the summer and fall and are now sitting with a property during the slow season. Their bad luck can work in your favor as you explore home options.
Additionally, the holiday season tends to bring out people’s generosity. This kinder mindset may result in you finding yourself gifted with a great deal on your winter wonderland home.
Best Strategy For House Hunting During Winter
When it comes to narrowing down the choices, take advantage of technology and browse homes online. If you’re working with a quality realtor, they may also send you some great properties based on the preferences you’ve given them. It’s the perfect time to grab a cup of hot cocoa and snuggle on the couch while you leisurely browse your options.
Also keep in mind that while pickings might be slimmer this time of year, it also means that you can take advantage of lower interest rates as well since the market is slower. In fact, studies have shown that December is the best time of year to both buy a home at a great price and get the best option for mortgage interest rates.
Negotiate, Negotiate, Negotiate
Keep in mind that since sellers are more willing to negotiate, it can be a great opportunity to add in some extra requests, such as a fresh coat of pain, driveway repairs, replacements of older equipment/systems, such as water heaters, gutters, appliances, etc.
Winter is also an ideal time to see how well the households are up to extreme weather. Does the piping work well? Do the windows leak? Does that roof hold up to snow and/or rain? You can get a more definitive answer when the house is currently being exposed to more extreme elements. And again, a great opportunity to request the seller fix/replace certain components of the property before you purchase.
Final Thoughts
As mentioned above, keep in mind the impact inclement weather may have while you are house hunting. Curb appeal may not be at its best this time of year, so keep an open mind when viewing the yard and gardens.
And be sure to be selective when choosing a real estate agent. Fortunately, as this season is a slow one, you should have plenty of options to choose from. And any other individuals related to the home buying process (i.e. contractors, inspectors, notaries, etc) will more than likely have a pretty open schedule as well.
Looking to find that perfect home for the holidays? Reach out today to get the best rates on home mortgages with some of the fastest closing times around!