The Winter Real Estate Market

5 Reasons Why Winter is a Prime Time for Real Estate

While the holiday season and harsh winter weather often cause a lull in the real estate market, this time of year offers a number of often-overlooked advantages for both buyers and sellers. With less competition and unique opportunities for negotiation, why wait for spring? Below are five reasons why winter is the perfect time to buy or sell your home.

1. Less Competition.

   For buyers averse to bidding wars and quick financial decisions, winter remains an ideal time to shop. The possibility of multiple offers on a single property is significantly reduced, giving you more time to consider your options. While inventory may be lower, this streamlined selection process can save time and mental effort. Sellers, on the other hand, will benefit from reduced competition since many homeowners prefer to avoid listing during the holidays. With fewer properties on the market, your home could attract greater attention from serious buyers.

2. More Motivation.

   Those looking to buy or sell during the winter months may have a greater underlying motivation than those who are willing to wait for the springtime, leading to better opportunities for negotiation. Properties that failed to sell during the peak season that are still on the market, suggest that a seller has a strong reason to sell their home soon. And a motivated seller is more willing to negotiate price, closing costs, or terms of the sale. Likewise, buyers hunting during the off-season are typically ready to make their move. A motivated buyer may be willing to pay more, close the deal faster or waive some contingencies.

3. Decreased Interest Rates.

   Statistically, interest rates tend to drop during this market downtime, creating further encouragement and relief for serious buyers in the record-high unaffordability of recent years. And because these are slower months for the mortgage business, the lending process tends to be completed faster, accelerating the real estate transaction process for both the buyer and the seller. Some lenders even waive fees during the off-season to encourage borrowers to use their services.  

4. Increased Agent Attention.

   Another advantage of buying a home in the off-season is the greater availability of industry professionals. Real estate agents will have fewer clients and more time to focus on the home search. Low activity during the winter months also means you will have more undivided attention from your realtor, and they will be working harder for you. These lean months of low sales volume encourage realtors to try just that little bit harder to negotiate a sale, which can speed up the transaction process.

   
   

5. Peak Performance.

   Winter is the ultimate time to ensure that all the big systems, such as heating, plumbing, roof and gutters, are functioning at peak performance. Seeing a property during its most challenging season allows buyers to assess its performance under real-world conditions. And while some worry there may be less curb appeal at this time, buyers are able to see how well neighbors tend driveways and sidewalks, whether the town plows or salts icy streets, and whether kids come out to play in the snow. Around the holidays, you might even see the neighborhood decorated in its winter finest.

   
   

Bottom Line

Buyer or selling a home is often all about the strategy. Even though the spring and summer are considered the peak time for the real estate market, it might not be the most advantageous. While so many others choose to hibernate for the winter, we say it’s still a great opportunity to find the home of your dreams. If you are looking to beat the springtime rush, contact our experienced real estate attorneys, and we will help walk you through the process.

About Anselmo & Wojcicki, LLP

Anselmo & Wojcicki, LLP is a multi-disciplinary law practice based in Schaumburg, Illinois, specializing in real estate, estate planning, tax planning, business formation, and the sale and purchase of businesses. Our commitment to our clients and our values set us apart from the crowd. Our team of legal specialists has a wealth of experience and expertise to help you meet your legal needs. We are dedicated to providing quality service and building lasting relationships with our clients.