A lot of people might think spring or summer months are an ideal time for home shopping after all, the weather is usually nice, and you’re more likely to be out and about anyway. For many reasons, buying a home in the winter is far better.
In reality, it could save you a couple of thousand dollars on average compared to other months.
1. Homes are Often Cheaper in the winter
According to data collected by Realtor.com, not everyone’s willing to look at homes in single-digit temperatures. The months of May, June, July, and August make up 40% of existing-home sales, while January and February account for less than 6%.
2. Sellers are Often More Motivated
In many cases, people who are listing homes in the winter are often under time constraints. This could be due to moving before the end of the year for whatever reason.
The end result is a highly motivated seller who wants to close and move on as quickly as possible.
3. Getting an Idea of Future Winters
One of the best reasons to check out a house in the winter is to get a feel for how it’ll hold up for future winters. If there are any problems, you might even be able to get the price reduced so you could repair the property after the sale.
Pay close attention to any drafts, cold spots, leaks, or other issues that are attributed to the colder months.
4. Possible Faster Closings in the winter
Usually, housing markets pick up during the warmer months. This often means that mortgage brokers could get behind in their workload. This results in waiting longer to close on the home.
During the winter, however, the market isn’t nearly as busy. So, mortgage brokers may be able to process your account quicker.
5. Less Competition for Bids
There is a reason why spring and summer months are better for the housing market. Fewer people are willing to move during the coldest months of the year. This means you’ll have less competition when putting in a bid.
The flip side to that, unfortunately, is that not everyone wants to put their home on the market during the winter. This means there are also fewer homes available to choose from.
Still, less competition could save you a bundle when bidding.
6. Possible Tax Benefits
In most areas, you can reap the tax benefits of the entire year of owning a home if you close before December 31st. This could drastically affect your tax returns come April.
Of course, you want to check with your accountant or with the IRS before you can assume to claim the property.
7. A Present to Yourself
Lastly, buying a home in December could be seen as a present to yourself during the holiday season. Moving into a new house is an exhilarating experience that can greatly enhance a positive mental state.
Not to mention throwing housewarming parties for New Year’s eve.
The Winter is Great for Home Buying
In many ways, the winter months are ideal for purchasing a home. Let Vargas & Vargas Insurance help by finding you the best deals to cover your property when it comes time to secure a policy. Contact us today to find out how we can help get you into the new home of your dreams.