While the spring and summer months are the most active seasons for real estate, there are considerable advantages for those planning to buy a home in the winter. While the weather and market conditions present their own challenges, the winter may present determined buyers with unique opportunities they may not have during the warmer months. Below is what you should be aware of before you go house hunting this time of year.
3 Facts to Know When You Buy a Home During Winter
1. There Is Reduced Competition
Many homebuyers prefer to shop in the spring and summer, which means you likely will not compete against a dozen other buyers when making an offer on a property. Reduced competition can also drive down prices, allowing you to avoid the intense bidding wars that can occur over desirable homes during the rest of the year.
2. Sellers Are More Motivated
If they have discretion in the timing, most home sellers would prefer to wait until the spring to sell their home. Most sellers who list properties in the winter have strong motivations for selling, making them more willing to negotiate. For many buyers, this is an opportunity to receive more favorable terms, even in a seller’s market.
3. Home Inspections May Be Incomplete
Buying a home in the winter does have some drawbacks. The home inspection report, which provides crucial information regarding the property, may be incomplete in certain weather conditions. The inspector won’t be able to examine the air conditioner, for instance, and snow cover may conceal defects in the house or around the foundation. Be aware of missing information in the inspection, and ask for details if any items seem suspect.
From their offices in Red Wing, Lawrence Realty Inc has been serving house hunters and sellers throughout Minnesota and western Wisconsin for nearly seven decades. With their extensive experience and detailed understanding of the local markets, you can rely on them to help you find and buy a home you’ll love, any time of the year. Visit their website or Facebook to start browsing homes for sale now, or call (651) 388-4745 to speak to an agent today.