Is it a bad time to buy heading into Winter?
All buyers have their own opinion on when it is the best time to buy a new home, many saying that winter is not the best time, that spring and early summer is a better time, and real estate trends show more transactions in spring than in winter. Not all buyers want to be traipsing around looking at properties in bad winter weather, but just keep in mind you might find the perfect home in winter whereas come spring it may not be there, because all the other buyers come out then.
If you’re looking to get the best possible deal on a new home in winter, consider that sellers may feel as gloomy as the weather and be more motivated to sell. This means you may be able to negotiate the price more than you would in warmer months when sellers could expect higher prices for their home. Also, because more people look at purchasing a new home in warmer months, there may be less competition right now, meaning your offer may look more favourable and get accepted. It can also mean your mortgage broker/bank/lawyers can process paperwork faster to ensure that you get better attention than you would at busier times.
Keep in mind a lower purchase price means lower average closing costs for winter buyers, which leaves you more money to spend on new furniture, paint, or any renovations the property may require, and movers aren’t booked solid like they are in warmer months – right now the banks are offering special deals because their volumes are down.
You’ll also see what the home is like in bad weather. One of the drawbacks of buying a home in warmer months means you don’t really know what the home is like when winter truly sets in. You get the opportunity to see how draughty the windows are or how cold the bedrooms get, if there are any leaks in the roof or how the grounds of the property cope with a Wellington winter. You can check the path and driveway for icy or boggy spots and flooding. And you will also see how the local roads perform when driving in the winter weather to your prospective home. This is your opportunity to see the worst of a house, knowing that it can only get better and come summer you have lots to look forward to.
Do your homework when winter shopping for a home, but also be realistic. Before leaving home think about how your current property is performing. Hardly anyone’s gardens look great right now and almost everyone’s lawns are soft. Remember to imagine what a home will be like in warmer months so that you don’t overlook a property because of the gloomy winter look. Always remember to ensure you do a full inspection of the home but also look for reasons why you would like to live in it too, balance the negatives with the positives. There is always a compromise.
Happy house hunting because right now there is a better than normal selection to choose from!
