Buying a Home in the Winter
Ready to buy a new home but not sure about house-hunting in the winter? While icy driveways and snowed-out open houses can be less than thrilling, there are surprising benefits to purchasing a home during the coldest time of year.
The challenges
It can be difficult to check out a property that is covered in snow. There will also be some structural elements, like the septic tank, roof and A/C system that can be difficult or impossible to inspect. Home-shopping during the winter also means working with fewer homes for sale. That’s because most sellers put their houses on the market in the spring, hoping to sell well before autumn. Finally, if you decide to go through with a sale during winter, expect delays during the process. Inclement weather can push off the scheduling of important events, like the inspection, appraisal and final walk-through.
The advantages
Homeowners who choose to list their properties for sale during winter may be quite eager to sell. You’ll also find homes that have been on the market since the previous spring with an equally motivated seller. Plus, the smaller pool of buyers during the winter puts you at an advantage. These factors will make it easier for you to negotiate a lower price and to ask for extras like light fixtures and appliances. Buying a home in the winter can also mean enjoying better service from the professionals you work with during the process. Your realtor, home inspector and lender will have fewer clients and therefore be able to provide you with optimal service. Finally, inspecting a home during harsh weather will enable you to see how the house handles the cold, snow and ice and to check out the heating system.
Tips and tricks
If you’ve decided to go house-hunting during the winter, keep these tips in mind:
- Ask for photos showcasing the home’s exterior during the spring and summer months.
- Ask your realtor for guidance on starting bids based on market. Each price point and market area can be different.
- Ask for documentation, such as inspection receipts and purchase dates, for the home features that are difficult to check out because of the weather.
The real estate market may cool down during the winter, but if you know how to optimize the advantages, you can walk away with a hot deal during the coldest time of year. For more tips on buying - or selling - a home, attend one of Ideal CU's free Home Education seminars.
Sources:
http://www.freddiemac.com/blog/homeownership/20170129_pros_cons_buying_home_in_winter.page
https://easymortgagecompany.com/5-advantages-buying-home-winter/
https://www.trulia.com/blog/what-you-need-to-know-about-buying-a-home-this-winter/
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