With the cold weather of winter, buyers are less likely to be out shopping for real estate and sellers are less likely to have their homes on the market. Surprisingly this can be a huge benefit for buyers looking to buy in the slow months. We’ve compiled a list of the benefits of buying in the winter, as opposed to the competitive spring and summer seasons.
Fewer Buyers to Compete With
As spring and summer are known to be better times to shop for real estate, there will be significantly less buyers shopping during the winter. Because of this widely known real estate tip, by shopping in the winter you will have less buyers to compete with. “It's simple economics—the low demand will work in your favor. So, for the investor looking to find a good deal in the housing market, the winter can be prime time.”
With fewer buyers to compete with, supply exceeds demand. Sellers may not have as many offers and might be willing to negotiate a lower price than they would during a peak season. “Getting a better price for a home is even more likely if the owner’s home has been on the market for a while. With a long winter ahead of them, sellers may be more willing to discount their price to get their home sold.”
With real estate, the winter tends to see a decrease in activity and less competition. Because of this, sellers are aware of the scarcity in buyers which can result in less negotiations and a smoother transaction. “You might be able to get concessions that otherwise would be less likely in a more competitive seller’s market like spring time.”
Will less buyers in the market, sellers tend to be more motivated to sell in the slow winter months. They may be more willing to negotiate prices, costs, or terms than they would during the spring & summer months. “As most sellers prefer to list in the summer, a house listed in the winter is one that needs to sell rather than a casual want. Bring a serious offer to them and you’ll likely get the house.”
Less Multiple Offers
Generally, in the winter time since the market is significantly less competitive, the chance of multiple offers on a home is greatly reduced. “This again translates to buyers having the upper hand over sellers in the negotiations.”