February 13, 2020
It is a given that spring and summer are the residential real estate market’s busiest times of the year. But if you are a buyer looking to cozy up in front of a new fireplace during a winter storm, all the data favors purchasing a Montclair house during the winter season! In fact, according to a new analysis from ATTOM Data Solutions, winter buyers have the best chance of buying a home at a price below its estimated market value.
The analysis found that December is the best month for buyers and in particular, the day after Christmas and New Year’s Eve are the days offering the best deals for bargain hunters. The data indicates a winter sale may save a buyer as much as 7% over a purchase of the same property during the more popular spring and summer seasons.
There are several excellent reasons to consider making your home purchase this holiday season:
- Winter house hunting means far less competition
- A home seller may be a bit more motivated during the winter season
- Price drops tend to be more dramatic during December and January
The cold, icy and wet weather of winter can be a buyer’s best friend actually, when it comes to determining the condition of the house. During the harshest weather season, the stress on a structure is at its peak. Maintenance and repair issues are more evident than they might be during milder weather. Insulation and weather stripping issues that won’t be noticeable in spring or summer make themselves easily known as cold winds blow!
Another advantage a buyer might discover in a winter purchase is being made aware of how weather patterns affect the landscaping. Does water puddle into ice patches? How much shoveling of snow from the driveway might you expect to do during the winter?
The advantages are multiple when you consider making a winter move. It’s the slow season for movers, too! Prices tend to be less, sometimes far less, than during peak moving season. This could be the difference between a Do-It-Yourself move and being able to afford to leave all the heavy lifting to someone else.
The benefits can pile up higher than a snow drift!
- How much smoother will your transaction go when you have the undivided attention of the listing agent as well as your representative?The slower activity of the winter season means they are less distracted by multiple clients’ needs – and that could also lead to faster closing, putting you in your new home that much sooner
- Less competition in the colder weather may make for easier negotiations with more favorable terms and a lower sale price
- Don’t forget about tax savings! A winter purchase before the end of this year can mean financial advantages on next year’s tax return
Since winter weather can surely be miserable, one of the biggest concerns a buyer should be careful about is to check the weather reports! Not only check the weather in the place you are moving from, but be sure you’ll find the best conditions for where you are moving to, as well. Choose a time period for your move that allows several days of milder weather in both locations for the smoothest transition to your new home. The home seller will appreciate moving under better weather conditions, too, so there’s less chance of last minute delays.
While it is true that winter sales tend to favor the buyer, in the current seller’s market we are experiencing can be a winning season for a home seller, too. Bookmark this page for an update on selling tips during the winter season from this local marketing specialist.
To search all new and available listings for sale, or find out the value of your current home, visit http://njrealestatehomesearch.com