Sources tell us that the prime time for buying real estate is in the spring and summer. Let’s face it, shopping for a home in the snow isn’t much fun. During the winter, sales slow down, fewer homes are on the market, and many people wait to buy or sell until spring hits. There are, however, some big advantages to heading out and house shopping in the winter time.
PROS FOR BUYING IN THE WINTER
1.) Lower prices. With fewer buyers in the market, supply exceeds demand.
2.) Minimal Competition. Winter buying tends to mean fewer buyers to compete with. Most buyers and shoppers go by the real estate wisdom that buying in the spring and summer is better so you can expect less competition.
3.) Sellers are more motivated. Most sellers are already anxious to bear the burden of their home and looking for buyers. But in the slow months of winter, sellers seem more willing to negotiate.
4.) Fewer offers. With limited buyers on the market come limited offers.
5.) Agents work harder! Because the season is generally slow, you can count on your agent to go the extra mile for you even more so in the winter.
6.) Home Inspection. Winter weather brings about all the potential negatives in a home, therefore you get to see the home in all it’s hardworking glory or lack thereof. Everything is out in the open – whether that means water problems or heating problems!
7.) Mortgage Increase. Mortgage rates can potentially increase next year, so start now!
8.) Holiday spirit! Buyers, sellers, agents – everyone just might be a little more merry these months.
Happy house hunting!
xo, the Pittsburgh Property Diva