'Tis the Season for Home Buying!

‘Tis the Season for Home Buying—Why Winter’s a Great Time to Buy

The Minnesota real estate market often takes a break in winter. It seems that buyers who were unsuccessful in the summer would rather curl up with a cup of hot cocoa than trudge out in the snow to look at houses. However, the slower winter home market can be a boon for the savvy home buyer.

Spring and Summer Are for Sellers

Spring and summer are the busiest seasons for real estate. Landscaping is in full bloom and homes are looking their best. Families look for homes over summer vacation so kids do not have to change schools mid-year. Spring and summer moving days aren’t plagued by snow or sub-zero temperatures.

However, this busy time means that buyers have lots of competition for the homes on the market. This means that spring and summer are often sellers’ markets. Buyers must compete with each other over a limited number of homes, which drives up prices.

Winter Is a Buyer’s Market

In winter, the Minnesota housing market slows down. Landscaping is covered with snow and homes are shuttered against the cold. A winter move may mean packing boxes and trucking in furniture in a snowstorm. But before you decide to put your home search on hold, consider the benefits of home shopping in winter.

Since they know spring and summer are busy months, many sellers wait to sell then or take their homes off the market in the winter. This means there are fewer homes to look at. This is an advantage for those buyers who would like the home shopping experience to go quickly. Looking at a dozen homes takes a lot less time than looking at 50 or more.

Winter May Mean a Better Deal

You might think that since the home supply is down in the winter that there would be more competition from fellow buyers. However, there are often fewer buyers in the winter season, too. Sellers must work harder to impress buyers. This means you may get a better deal on a home in the winter than you might in the summer months.

If you are buying new construction, buying at the end of the year may be very advantageous. Often, builders have a quota of homes they must sell in a given year. Shopping in November and December may give you the advantage in price negotiations, since builders are working to meet their quotas.

Winter Reveals More about a Home

In the spring and summer, unless it is blazingly hot, homes’ windows are open and HVAC systems are off. In the winter, the weather works in your favor. Snow cover on the roof can reveal the quality of a home’s insulation. A lack of snow on a home’s roof when its neighbors are fully covered may indicate a lack of insulation. You may also be able to spot some gnarly ice dams along the gutters. Shopping on a cold day will also reveal whether or not a home’s windows and HVAC system are up to snuff.

Winter Makes Moving More Affordable

If you decide to purchase a home in the winter, you may find you get a better deal on movers. Not surprisingly, moving companies are busy in the spring and summer. Winter is their slow season. They may be more willing to quote a lower price for your move and have more availability in their schedules.

If you’re considering shopping for a home in the winter, don’t despair. Purchasing a home in the bleak midwinter can be to your advantage. To get started on your winter home search, contact Brooks Johnson, your friend in real estate, today.