‘Tis the season to be with family, brave the crowds, enjoy those winter sports . . . and buy a home. That’s right. Although most homes are sold during the spring and summer months, many homebuyers choose to take advantage of winter real estate savings. Here’s why:

  • Less competition. The wintertime sees fewer buyers on the market, so for you, that means less competition. People are less likely to move in the winter because of weather, the holidays, etc., so many people put off looking for a home until the spring. Many families may not want to move their children in the middle of the school year, keeping them from house hunting. Less competition for you means a better chance of getting a great home at a lower price.
  • Sellers need to go. When people are selling their home in the winter, it can often mean they have to get out quickly because of a job transfer or other pressing matter. Because many sellers may need to get out fast, they are more likely to bend on negotiations with the buyer.
  • Smoother process. Because lenders have a lot less paperwork in the wintertime, transactions generally go through more quickly and with a lot less hassle.
  • Lower taxes. Property taxes are usually determined by how much you paid for your home. Therefore, if you snag a great deal on a home during the winter, your property taxes will also be lower. Also, it may be a good idea to purchase a home before December 31. Homebuyers may be able to deduct mortgage interest, property taxes, and some of the costs associated with a new home purchase from their income taxes.
  • Lower interest rates. Mortgage rates don’t generally follow a seasonal trend; however, right now, mortgage rates are still near record lows. Most likely, interest rates will remain low throughout the holiday season.

Keep in mind that warmer areas in the country such as Florida and ski/winter resort destinations like Colorado don’t follow this trend.

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