In the winter month, there are typically fewer buyers actively looking for homes during the winter, which makes less competition, unlike the spring and summer months. Here are a few reasons why there are fewer buyers in winter.
- Weather: Cold, snowy, or icy weather can make it more difficult for buyers to view properties and travel to and from showings.
- Holidays: The winter months coincide with the holiday season, which can be a busy and stressful time for many people. This may lead some buyers to postpone their home search until after the holidays.
- Darker days: The shorter days of winter can make it harder to view properties, as it gets dark earlier in the day.
- Life events: Some people may be more likely to move or buy a home around certain life events, such as the start of a new school year or the end of a lease. These events may be more likely to occur at other times of the year.
If you’re looking to get the best possible deal on a new home, you should buy it in the winter. According to HAR, home buyers who close in January or February pay an average of 8.45% less than those who close during other months. That doesn’t sound like much, but keep in mind that 8.45% of a $300k home is a savings of $25,350. So that savings can add up.
Plus, most sellers are more motivated to offload a home on the market during the winter months, when home sales traditionally slow down. So you’ll realtor should be able to negotiate more with the Seller than you would in May or June. A lower purchase price means lower average closing costs for winter buyers, which leaves you more money to spend on movers, new furniture, paint, renovations, or a new home warranty.
Some sellers may be more motivated to sell during the winter months because sales are slower and there are fewer buyers in the market shopping for a home. Also, the seller may be desperate to sell because of relocating for work or a personal situation. So there is a better chance they will accept a lower offer.
Less Likely to Be Outbid
Lower inventory and colder weather mean that in the Houston market, far fewer people are competing to buy the same houses. You might have fewer homes to choose from in the winter, but you’ll be more likely to have an offer accepted when there’s less competition from other buyers.
With fewer buyers in the market, you may be able to close on a home faster. Typically mortgage agents tend to get backed up with processing paperwork in the spring and summer months. Also, it can be difficult to find a title company with an open slot to facilitate the closing of your home.
Able to See the Home’s Winter Readiness
It’s hard to know what to look for when buying a house — and when you buy in the summer, you’re seeing homes at their best, in ideal weather conditions. One of the big drawbacks of buying a home in the summer is that you don’t really get a chance to see how it holds Houston’s winter conditions and lower temperatures. When you shop for homes in the winter, you’ll get to see how drafty the windows are or how cold the bedrooms get. How well does the city clear the roads leading to your prospective home? Driving there in the winter will tell you.