We often get the question, “When is the best time to buy a home?” As we’ve mentioned before, the best time to buy is when you are ready, that could be summer, spring, fall, or even winter. But assuming you are ready to buy a home, is it best to buy in the winter or summer?
After years of experience, we’ve learned there are advantages to braving the cold to buy a home between November and April. In fact, we’ve uncovered 4 reasons why buying a home in the winter can be a sound financial decision.
4 Reasons to Buy in Winter
Sizzling summer is the season for real estate with 50% of home sells happening between May and August. To those committed to only buying a home when the temperature is above 50 degrees, we get it. We love the heat too. Plus, the winter season often has our full ‘holiday’ attention, our cash, and our time.
Why do people buy in the winter? We present 4 reasons why home buyers choose to buy in the winter. All 4 of which revolve around two of life’s most precious commodities, time and money.
1. More Bargaining Power
Winter can be the best time to snag a deal on a home. With less people house hunting, motivated sellers are more willing to listen at the negotiating table. This puts the bargaining power in the hands of the buyer. Add the experience, expertise, and market knowledge of a trusted real estate agent and you have a strong home buying force on your hands.
2. Calmer Experience
Since fewer people are writing offers in the winter months home buyers feel less pressure to pay over asking price for a home.
Not only is it less pressure but also less hassle. In our experience, it is easier to book home inspection, appraisal, and moving company in the winter.
3. Tax Benefits
If you are looking to lesson your tax liability buying a home at the end of the year is a no-brainer. There are a slew of mortgage related tax deductions that could save you thousands of dollars. Even if you close after January 1 you can claim the mortgage deductions the following year.
4. More Time
Outside of the holiday season, our winter schedule tends to be more open than summer. That’s why it makes sense to buy a home and move in the winter. Yes, the holidays are busy but most employers provide time off during this period. Instead of spending your summer vacation packing or unpacking moving boxes, choose winter.
There you have it! Is it best to buy a home in the winter or summer? You decide. The next question is, how many homes should you consider before putting in an offer?