6 Reasons Why Buying and Selling a Home in Winter Is a Good Idea

Spring and summer have long been considered the optimum time to buy and sell a home. Why not winter? Turns out, winter is a hot time (pun intended) in real estate. And here is why: 

 

• Less competition: Fewer homes on the market means homes often sell faster, which is good for both the buyer and the seller.

• Showcase how home withstands harsh weather: Time to show off your new roof or furnace and the perks of having a south-facing front walk that speeds up snowmelt. And buyers can see if the windows and doors leak. 

• Year-end financial incentives: Buyers have incentives to purchase a home before the new year. Tax benefits include deductions of mortgage interest, private mortgage insurance (PMI) premiums, and real estate taxes. Year-end bonuses mean some buyers are looking to upgrade their living situation. The fear of rising interest rates (which historically go up in spring) also induces buyers to purchase in winter.

•  Serious buyers: If someone is looking for a home in a foot of snow and freezing temps, they are not looky-loos. They are serious about buying. Yes, foot traffic may be less, but those that do come through are ready to make an offer if they like your house. 

• Virtual tours are seasonless: 92% of home buyers prefer to purchase a home with a 3D tour. Have internet access? Then say goodbye to trudging from one viewing to another in the snow.

• Corporate relocations: January and February are the biggest months for corporate relocations. The need to settle families into schools and neighborhoods translates to quick sales. 

Tips for Sellers

There are perks to selling your home in the winter, such as no longer needing to landscape or mow your lawn twice a week. Still, there are a few considerations a winter sale has that warm weather sales don’t.

• Keep your decorations tasteful if you are showing your home during the holidays, bearing in mind that they should highlight your home’s features, not hide them. Furthermore, remove them after the first of the year. Santa and his reindeers shouldn’t be in evidence when you are exchanging Valentines. 

• Darkness falls early, so make sure the entrance to your house is well lit.

• Keep paths clear of snow and ice. Prospective buyers will be less inclined to put in an offer if they fall on your front stoop.

• Combat the cold outside by making your home warm and inviting. Light a fire in your fireplace. It’s difficult to top the smell of cookies baking to make a home cozy. Or simmer apple cider on your stove. Candlelight also gives a home a soft and warm atmosphere.  

Once you find the home of your dreams, give us a call to find the perfect mortgage to fund the dream. We want you to Experience Your Good Life, so contact us today! 

 

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.