The Biggest Perks of Buying a Home This Winter

The Biggest Perks of Buying a Home This Winter

Waiting for ideal market conditions could mean missing opportunities. If you’re ready and able to buy, this time of year might actually give you an advantage. As the weather cools, the housing market often slows down – and that can work in your favor.

You Likely Won’t Feel as Rushed

Homes typically take longer to sell during this time of year. Data from the National Association of Realtors (NAR) reveals that the average time a house stays on the market increases during the winter months (see the graph below):

Fewer buyers are active during this time of year, which reduces competition. As a result, homes on the market aren’t sold as quickly. If you choose to buy in the next couple of months, you’ll likely have more time to weigh your options and negotiate a deal without as much pressure.

Sellers May Be More Willing To Negotiate

Since homes typically take longer to sell during the winter, sellers are often more motivated to finalize a deal. As NAR explains:

“Less competition can lead to better deals. While homes are not selling as fast as during the summer, sellers may be more willing to negotiate.”

Whether it’s compromising on price, covering closing costs or repairs, or including extras like appliances, you have more room to ask for what you need.

Homes Are Less Expensive in the Winter

With reduced competition from other buyers and sellers who are more open to negotiation, you might also find slightly lower prices. According to NAR, homes are generally about 5% less expensive during this time compared to their peak prices in the summer.

That might not seem like a huge difference, but on a $400,000 home, it could mean savings of $20,000 on the purchase price.

You can observe this typical seasonal trend in home prices happening again this year. The graph below highlights the median sales price of existing homes (previously owned properties) over the last 12 months. The green bars show how prices dipped during the winter months last year, and it looks like a similar pattern is emerging this year. This seasonal shift could allow your budget to stretch further:

Bottom Line

Purchasing a home in the winter offers benefits like reduced competition, motivated sellers, and possibly lower prices. Let’s connect to help you find the perfect home at the right price for you.