House Hunting in the Winter
Should you start house hunting in the winter? Heading into the winter, critters start to gather the fundamentals to last them through winter and their hibernation. Chipmunks gather nuts and seeds that they store in their little nest. However, the chipmunks that wait longer to gather their hibernation necessities are left short-handed and risk not making it through the period of hibernation. The longer they wait, the fewer goods there are for them on the “market” since there is such high demand. The ones that jumped on preparing early on fair better and eliminate the risk of not making it through the winter. Sometimes the competition for a nut or seed gets so fierce that those little chipmunks may even fight. The stronger one comes out victorious with a claim on the nut or seed.
House hunting is no different than our little critter friends and their preparation for the winter. Those that start their house hunt early on, even starting in the winter, usually come out more prepared and ready for a little friendly competition. House hunting should not be left to hibernate during the winter months, rather it’s the perfect time to start your house hunt.
The winter season is when house hunting is typically quieter than warmer seasons like the spring and summer. Homebuyers like to buy during warmer months when moving may be a little more comfortable. This means that there are fewer homebuyers in the market looking for their next big purchase during the winter months. Fewer buyers can mean a less competitive market. During the winter, there’s a better chance you won’t have to wait for a viewing and have more bidding power. Moreover, houses are likely to be priced lower during the winter months since sellers are looking to get the properties off their hands.
Sellers have many different reasons for wanting to sell during the winter. The property may have been on the market already for a while, which means that sellers are getting antsy to sell that property fast. There is more of an urgency to sell the property when it starts to head into the winter and sellers were expecting it to sell faster. Sellers may also have faced a major change in their life, which could make the sale more urgent. A motivated seller with a sense of urgency means that house hunters are more likely to negotiate a better deal!
The housing market follows a cycle of housing prices rising and falling as the season’s change. During the winter, the housing market is likely to see house prices at their lowest. This is especially true in a strong market like Moncton. Competitively priced homes don’t usually last too long on the market. Keeping a watch on the market means you may not miss out on a deal! House hunters starting their search during the winter are more likely to get a bigger bang for their buck. What’s better than that?
During a nice warm summer day, any home looks good. The nicer weather can make spotting flaws more difficult. Wintertime is a much harsher season, which means those flaws have nowhere to hide. House hunters starting their search in the winter see how a property handles the harsh winters that New Brunswick throws at it. It is beneficial to see a property in harsher conditions. This will help you to make the best decision when on the hunt for a new home.
A quieter market allows for mortgage professionals and realtors to be more involved in your big purchase. Buying a home is a major investment and can become stressful rather quickly. Having a team of professionals that can put a greater focus on your big purchase can eliminate some of that unneeded stress. The whole process will run smoother and quicker when they can devote more time to your major investment. Not only will it make the process run smoother, but you’ll have more negotiating power with a team of professionals devoting their time to the house hunt.
The winter is the perfect time to start your house hunt. As the seasons start to change and the weather becomes warmer, more house hunters come out of hibernation and competition becomes fierce. By starting your house hunt during the winter, you’re more likely to have a smoother transaction and more negotiating power at your fingertips. When looking for a dedicated mortgage professional to help you with your winter house-hunting, stop on into Centum Home Lenders. You can call us at 506-854-6847 or get in touch with us here!