Experienced shoppers will tell you the best deals can be found in the cooler months. The same trends hold true in the housing market, and the off-peak winter season can be a smart time to shop. Here’s what you should expect from the housing market during the winter season.
In general, the winter months tend to see less activity. Because of this, you are less likely to have to fight other buyers, and less likely to lose out on bids on the houses you care about.
You can save thousands by shopping in the off-peak season. Historically, the market prices are 10 to 15% lower in the winter months. Sellers tend to be more motivated to make a sale. They know that without the lines knocking at their door, the landscape is a buyer’s market.
Just because you are more likely to win a bid for a property, even at a lower price, doesn’t make it a better deal. During the summer, the competition is fiercer, but you have more choices, and a better chance to find the perfect home. Of course, this doesn’t mean you shouldn’t look during the off-peak season. Great homes are on the market at all times of the year.
For buyers, winter can mean getting a better deal, even if you have to hunt for a property you love. But for many the bargain shopping is part of the fun. Speak to your realtor about winter market listings in your area.