I’m a senior in college right now and am looking to buy a home when I graduate, assuming I can get a job that pays well. I’ve heard that there are plenty of reasons to wait until winter in order to look for homes, but I’m not sure if I want to stay with my parents until I can find a home. What are some of the reasons that I might want to wait to buy?
While it’s more likely that you’re interested in buying a home during the spring or summer, searching for a new property during the winter can be a major boon to new homebuyers. This is because shopping during the winter months like November, December, and January often offer home buyers particular advantages that they couldn’t receive shopping in more popular months. Here’s a quick rundown on three of the many reasons why winter is the ‘coolest’ time to buy a home.
There are fewer competing buyers
One of the biggest reasons to shop for a home during the winter is that fewer buyers are competing with you. If you’ve ever tried to buy a home in a competitive market, you fully understand the woes that come from finding the perfect home, getting pre-qualified for a loan, and making an offer, only to be beat out by a higher bid from another buyer. Buying during the winter can help mitigate these risks, since some buyers aren’t able to shop for a home during such a busy time of the year. Between holidays like Thanksgiving and Christmas and busy school schedules, moving in the middle of the winter can be a major hassle for families. Thus, if you’re willing to deal with these issues, you’ll likely be rewarded for your flexibility.
Sellers want to make a sale
As a result of fewer buyers looking for homes during the winter, homeowners listing their properties will likely want to make a deal quickly. In some situations, it may even be worth looking at websites like Sell Quick California to see what options might be available from sellers in these exact types of situations. Even though the weather might be nice in California year-round, that doesn’t help address the other factors that make the winter months a challenging time to sell your home. As a result, sellers desperate to make a deal will likely have to turn to such services to sell their property in the timeline they want.
Your savings can be rolled back into the home
It’s important to note that with more desperate sellers comes a more buyer-friendly market. This can translate into savings on your home that can be put back into the home immediately. Say, for example, that you have $250,000 saved to buy a home. You see a listing during the summer for a property listed at $240,000, which seems like a good deal, although you’d like to do about $25,000 in renovations immediately after purchasing the property. In the summer months, you’re likely to pay the asking price on the home, meaning that you only have $10,000 left in your house budget to spend on $25,000 of renovations. If, on the other hand, you found and purchased the property during the winter, you’d likely have more leverage as a buyer and could potentially buy the home for $225,000. This would save you $15,000, giving you the full $25,000 to execute your plans without going over your housing budget. If you find yourself saving money during the winter with no idea how to spend the money on your home, it’s worth searching online to see some custom home inspiration. This sort of information can help you turn a great home into a dream home, all while staying on budget.
Shopping for a home can be a stressful task. Even with interest rates at an all-time low, it can be important to get a good deal on the purchase price of your home, too, especially if you’re a new homebuyer. As you can see from the three reasons above, shopping for a home during the winter can be a great way to maximize the value of your home purchase. If you can manage the stress of moving during the middle of the school year, holidays, and work, buying during the winter can be a great option.
