Shopping for a house in winter is not a popular choice for most folks, but to some, it may be advantageous. You simply need to know where the best deals are during this season. If you need help, you can talk to and get advice from Cami Jones and Company and other trusted realtors about the winter real estate market. They will be more than happy to help you and address your concerns.
For now, we have taken the liberty of listing some things you should know about buying a property during the winter season below:
The Things You Need to Know About Buying a Property During Winter
There are fewer choices.
Since winter is not a popular season for house-hunting, a lot of sellers take their properties off listings and wait it out until spring. There are fewer listings on the market during this time, especially for places with lots of snow and ice like Denver where listings go down to about a third of the market compared to spring and summer.
Buyers have less competition, thus more choices.
Let’s face it, not everybody likes to go out in the freezing weather to go house-hunting. Going from one house to another, talking to different agents and sellers, driving and walking through snow, people would rather stay indoors and wait till the early days of spring to resume their hunt.
As the competition is out for the season, this is probably the best time to make the most of the situation. Even if there are fewer listings available, the decrease in the number of potential house buyers gives you a better chance of getting a house that you love.
Sellers are willing to make deals.
Most sellers take a break during the holidays. The more serious sellers, however, keep their houses on the market hoping to close a deal soon. There are several reasons why sellers would keep their listing during this season, but the bottom line is, they place their homes on the market because they need to sell it fast.
This need gives you the upper hand as motivated sellers are willing to make deals with potential buyers just to close a deal. If you plan on buying a house at this time, look for those that have been listed for a few months as sellers are more likely to willing to work with you.
FHA buyers have the upper hand.
Most sellers usually don’t consider buyers with FHA loans. Even if it is backed by the Federal Housing Authority, its terms and conditions are looser compared to conventional loans. As fewer shoppers are going around at this time, home sellers are willing to work with FHA loan holders.
You get to see the house in its worst condition.
Winter is a good time to look at a house without its curb appeal. A house in the spring and summer looks entirely different during the winter. No trees and greens, slippery driveways, snow-filled walkways. You get to see if the furnace is functioning properly, if the closed windows and shutters have drafts, and if there are ice spots on the roof and other similar stuff.
Property acquisition during the wintertime may not be the popular choice for most people but if you are willing to go brave the cold and ice, with a little luck, you can probably end up getting the deal of a lifetime.