As a rule of thumb, if you are looking to buy a home, you can probably get a better deal in the winter months. The winter season usually has a fewer units on the market, and those that are in the market, need to be sold.
Typically, there are less people looking to buy a home in the winter than in the summer. Looking for a home in the cold weather can be somewhat inconvenient and there are not many open houses to view in the cold wet weather. Also potential sellers with kids don’t want to move to a new location in the middle of the school year, so they wait for the spring months.
With fewer buyers, you can be sure that the competition is not as fierce and the chances that the home you are interested in will have multiple offers is diminished. Depending on its reasonableness, your offer is less likely to be rejected in the winter months than in the summer months.
Remember that with less property transactions to deal with, lenders usually have fewer loans to process, less paper work and less stress. This may result in a more smoother approval process.
The best week to buy a home is during the Christmas week:
- Generally speaking, people are in good spirits, celebrating.
- There aren’t as many people looking at homes during Christmas week.
- People are more generous and many do come down on price.
- Prices are typically at a 12-month low in December.
If a home is on the market during the Christmas period, you can bet that the seller is definitely serious about negotiating and selling the home. He or she may be more flexible in negotiating the terms of an offer and may agree to a number of concessions that would not be typically done in the summer months.