If you’re ready to purchase a house or condo, you may be wondering if winter is a good time to get started. Conventional wisdom suggests that spring and summer are the best seasons to hunt for a home. As a result, many buyers are hesitant to tour properties once the temperature drops. While it’s true that the warmer months have a lot to offer homebuyers, so too does the winter. In fact, there are several unique benefits associated with buying a home during the coldest season of the year.
Here are the four key reasons you might want to consider buying a home this winter.
1) Sellers are motivated
A large number of buyers start looking for homes in the spring and summer, and many sellers try to capitalize on this wave of interest by listing during these seasons. In contrast, those who sell a house or condo in the winter often do so because they want to make a quick sale. Frequently, these sellers have had their homes on the market since fall. By the time December rolls around, they’re usually serious about making a sale—and their eagerness can work in a buyer’s favour. A highly-motivated seller is typically more willing to negotiate, which can potentially lead to a lower purchase price.
2) There’s less competition in the real estate market
Fewer homebuyers enter the market in the winter, which means there’s typically less competition for houses and condos. Since sellers don’t have as many home hunters vying for their attention at this time of year, you may stand a better chance of closing the deal once you find your dream home. You’ll also be less likely to encounter a multiple-offer scenario or all-out bidding war. These situations can be stressful for all involved, and avoiding them can lead to a smoother purchase.
3) You could find a bargain home
Generally speaking, home prices are lower in the winter than they are during peak real estate seasons. The market is typically slower at this time of year, and sellers will often reduce their prices in order to generate more interest from buyers. In many cases, holiday stress will also prompt them to lower their asking prices to facilitate a quick, convenient sale. As a buyer, you could potentially save thousands of dollars if you decide to purchase your new home in December, January, or February.
4) You can assess a home’s winter preparedness
When you’re buying a house or condo in Toronto, winter preparedness is an important consideration. Unfortunately, it doesn’t always occur to buyers to ask questions about a home’s heating system or insulation during the warmer seasons. In contrast, these issues are sure to be at the forefront of your mind if you’re shopping around in the winter. When you’re touring a home, keep an eye out for poorly-sealed windows and exposed pipes. Don’t forget to ask about the age and maintenance history of the HVAC system. If major repairs are necessary, you may be able to get the seller to perform them—or factor them into your purchase price—as part of your deal.
The bottom line: while it’s possible to make a successful house or condo purchase in any season, winter can be a great time to dive into the home hunt. With the guidance of a knowledgeable real estate professional, you can take advantage of seasonal market conditions to make a highly-successful home purchase.
Thinking of purchasing a home this winter? Reach out to learn more about the process—and learn what’s available in the market right now.