Every year I talk about the benefits of buying in the winter. Though the reasons are pretty obvious, it’s worth bringing them up again because too often people forget that this is actually an excellent time of year to buy a home.
First, there is not nearly as much competition in the winter. Many people avoid buying because this time of year is filled with so many holiday festivities – people are busy either visiting or hosting family, and the last thing they want to do is go house hunting. Plus, it’s cold out and they tend to not have the time, energy, or desire to start their search.
Second, because there are less buyers out there, that means that demand is low, which also means that priced tend to drop. If you purchase a house in the winter, you are much more likely to get a great deal. As you can see in this graph, prices drop a lot in November, December, and January, compared to price increases that happen in May, June, and July.
The bottom line is that if you’re in the market to buy a home, don’t wait until Spring. If you do, you will see higher prices, more competition, and the experience will be a lot tougher all around. My suggestion is to keep your eyes peeled through winter and try to find something that you can add value to and build equity with – combine those elements, and you’ll find there is plenty of opportunity out there.