The real estate market is most active in summer, but the winter months can also offer benefits to buyers for a variety of reasons. Some would even be better off focusing their efforts during this period.
In real estate, transactions peak over the spring and summer. People seem to be more interested in shopping for a new property at this time of the year. It must be said that for many households with children, it is better to settle into a new nest when the kids are out of school. But buying a home in winter can also be a smart choice!
ADVANTAGES
Lower Prices
You might find in winter a little real estate gem that, if it had been put on the market in the summer, would have been a few thousand dollars more. The reason is simple: many homeowners put their property on the market in the winter out of necessity, because of a divorce or a job loss, for example. And the faster they sell, the better off they are. So many are motivated to sell and more inclined to accept a lower purchase offer.
Less Negotiating
Since there are fewer buyers out looking for a property, bidding wars as less likely to occur. This is a plus for the buyer, but not necessarily for the seller. The best time to get a real estate deal quickly is probably a few days before Christmas.
More Time to Prepare
If you and the seller of the desired house are not in a hurry, you could negotiate a later move-in date that would be made official by signing certain documents (your broker can guide you). This gives you plenty of time to prepare for the move without the risk of losing the property to another buyer.
Pest Problems Are More Evident
One of the advantages of cold weather is that it causes pests, like mice or snakes, to seek warmth inside. This will make it easier to detect their presence in the basement and attic. If these critters can come in, it’s because there are holes somewhere! Information you can use to negotiate a better price … or to look for another home.
Faster Transactions
Since real estate sales are down in the winter, many professionals’ schedules are less packed. You will be able to quickly get an appointment with notaries, bankers and brokers and the house could become yours in record time.
It’s Easier to Spot Insulation Issues
It is difficult in the summer to know if the condo you have set your heart on is as well insulated as the owners claim. By standing in front of the doors and windows, you’ll be able to feel the cold air. It’s a sign that doesn’t lie!
The Movers Are Waiting for Your Call
We all know that booking a moving truck in the summer — especially close to July 1st — or hiring a business in the field can be a real battle. In the winter, it’s a piece of cake since these companies are not as busy.
DISADVANTAGES
Less Choice
Of course, buying a house in the winter also comes with potential disadvantages. The main thing is that there are fewer properties for sale on the market. Consequently, you will have less choice than if you were looking during the high season. Don’t forget: if you can’t find the home of your dreams, make compromises or wait until spring!
A More Challenging Inspection
One of the negatives that the cold weather brings is that snow and ice conceal part of the house and landscaping. You can’t see the cracked pavement, the faded steps, or the damaged roof. The solution is to hire a professional inspector. He has the tools and knowledge needed to carry out a proper inspection, despite the weather conditions. For example, he will know that long icicles hanging from the roof may be a sign that the house is poorly insulated.
A Move That Requires More Organization
If you are moving in on a winter day, then you may have to face below zero temperatures. Snowstorm, freezing rain, freezing cold … it can be a real nightmare! In some cases, it can even be dangerous: there is the risk of falling on slippery steps. Even so, a winter move can be a great one if you’re well prepared: warm clothes, boots with grips, gloves, etc.
In short, there is no reason to avoid the winter housing market. A hidden gem that meets all your needs might actually be looking for a new owner. To help you with your search, a RE/MAX broker is your best ally.