Many parts of the country have struggled this winter season. During a recent polar vortex, parts of Minnesota saw temperatures that reached nearly 55 below with the wind chill factor. While that is extreme, even Florida saw unusual weather patterns in a land where sunshine abounds. So who in their right mind would want to shop for a house during these unsavory conditions?
It may not seem convenient, and it may be a bitterly cold journey, but there are some excellent bargains to be found during winter. Most people are thinking about survival and keeping warm rather than buying or selling a home. Here are some compelling reasons why buying a home in the cold season isn’t always bad.
There Is Less Competition
Finding your dream home can be devastating in an area where the real estate market is hot — nothing like putting in an application to find out that ten other people did the same thing. Have no fear; the winter weather keeps many buyers at home. So what might be a hot property in the summertime is anything but in the winter. Winter may give you a better chance of being a homeowner.
Sellers Are Motivated To Sell
Sellers know that many people don’t buy a home during the winter, so they are more willing to haggle on price and conditions. They may drop the price $5,000 in January, but they wouldn’t do that in June or July. It’s all about supply and demand. Most areas almost become buyers’ markets during the off-season. However, things rebound quickly when the temperatures increase. Forget subject-free offers; you can protect yourself with conditional offers when the demand has dropped.
There Are Incredible Price Deals
When determining price, it all comes down to how many homes are on the market, how quickly things are moving, and the home’s value. A house can be worth a million dollars, but if the market is flooded, and nothing is moving, then the seller may drop the price.
Motivated sellers usually take the payoff or just above it to get out from under a mortgage. This is especially true when someone has moved and has a second home they are paying on. While you may need to do some searching, finding a magnificent abode with a seller that is motivated may be your ticket to shaving thousands off the purchase price.
While buying during the winter requires a little more effort to brave the elements, it can be worth the effort. When you don’t have ten people vying for the same property, and there are homes not moving, it becomes a win-win for the buyer.