The Biggest Perks of Buying a Home This Winter

The Biggest Perks of Buying a Home This Winter

Waiting for the perfect market conditions often leads to missed opportunities. What you might not realize is that if you're ready and able to buy, this time of year could actually provide you with an advantage. Here’s why: as the weather cools down, the housing market tends to cool as well—and this can work in your favor.

You Likely Won’t Feel as Rushed

During this time of year, homes typically take longer to sell. Data from the National Association of Realtors (NAR) indicates that the average duration a house remains on the market increases during the winter months (refer to the green bars in the graph below):

This slowdown is partially due to fewer buyers being active during this time of year, which results in decreased competition. With fewer buyers, the homes on the market aren't snatched up as quickly. Therefore, if you choose to buy a home in the coming months, you'll likely have more time to weigh your options and negotiate a deal without feeling as much pressure.

Sellers May Be More Willing To Negotiate

Since homes generally take longer to sell during the winter, sellers often become more motivated to close a deal. This can also work to your advantage. According to the National Association of Realtors (NAR):

“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.”

During this time, you might find sellers more willing to negotiate on various aspects such as the price, covering closing costs or repairs, or even including extras like appliances. This gives you more flexibility to ask for what you need in the deal.

Homes Are Less Expensive in the Winter

With fewer buyers in the market and sellers more inclined to negotiate, you might also encounter slightly lower prices. According to the National Association of Realtors (NAR), homes are typically about 5% cheaper now compared to the peak prices of summer.

While a 5% reduction might not sound substantial, it translates to a $20,000 saving on a $400,000 home.

This expected seasonal shift in home prices is evident this year as well. If you examine the graph below showing the median sales price of existing homes (homes that were previously owned) over the past 12 months, you'll notice that prices were lower during the winter months last year. It appears this trend will continue this year, providing an opportunity to stretch your budget further:

Bottom Line

Buying a home during the winter can mean facing less competition, dealing with more motivated sellers, and potentially benefiting from lower prices as well. Let’s work together to find the right home at the right price for you.