5 Reasons Why Winter is the Best Time to Buy
Blog posted On December 07, 2022
Winter is probably the last season picked in home buyer gym class. It’s cold, it’s in the middle of the school year, and everyone is preoccupied with the holidays. Plus, it admittedly is a slower season for the housing market. While winter may not have the speed of spring or athleticism of summer, it does have a certain edge that can help home buyers win.
If you and your family can swing it, purchasing your home in the winter could be the perfect solution for some (or all) of your current home buying challenges. Here’s why:
- Less competition – are you tired of falling in love with a house only to be outbid by another buyer? Good news: your competition is probably in home-buying hibernation now. “Buying in the winter knocks out a large chunk of the buyer competition, allowing you to be a bit more selective with your home purchase,” confirms Cincinnati real estate agent Eric Sztanyo.
- Motivated sellers – More home buyers in hibernation = (likely) more sellers in desperation. With fewer buyers on the market for a home, sellers could be a little bit more flexible with concessions – giving you an opportunity to save more money. “If you are buying in the winter, you may want to target houses that have been on the market for a few months, because you might just find a seller who is more motivated to accept a lower offer,” Sztanyo says.
- Movers are less busy & probably easier to hire – During the busy months in the spring and the summer, you have to book a move early in advance because more people are moving during this time. Though moving in the cold isn’t ideal, at least you can secure movers to help.
- Enjoy last-minute tax savings – If you’re purchasing a home for the first time, purchasing a home in the winter still gives you the potential for tax deductions. Depending on the laws that your state has, you can write off interest, taxes, and points that you paid for your home. It is recommended that you speak with a tax professional about your options.
- It can only go up from here – winter months usually put more stress on a home. By getting a potential home inspected in the winter, you can hopefully make sure everything works properly during this crucial season. Then, you won’t be purchasing in the summer and pouring more money down the drain in the winter as more problems arise.
The winter’s busy – we get it. But once you get into the new year and regain your normal post-holiday rhythm, reach out to us or your Realtor. Put out some home-buying feelers. You may be surprised at what you find. The last player picked might just have a few winning tricks up their sleeve.