Buying a home in the winter can be the deal of the year.
Conventional wisdom says that you should list your house for sale in the spring, because that is when the most people are looking to buy a home. That’s generally true, and the increased demand in the spring creates a more favorable market for sellers. Fortunately for buyers, the reverse is true this time of year. If you’re a buyer who wants to get a great deal on a home, consider starting your search during the winter months.
Homes are on the market longer.
The median length of time a home is listed is 35 days, if you average sales out over the whole year. In May, homes are listed for an average of 23 days before they sell. It takes about twice as long for a house to sell in January (48 days) or February (47 days). More days on the market gives you more time to look at houses and weigh your options. You might not need to be in a hurry to make an offer because odds are good that there isn’t someone else coming right behind you to snap that house up while you’re thinking about it.
Sellers are often more motivated.
Most people know (or are advised by their real estate agents) that spring is the most active time on the housing market, so most people wait to list until then. If a seller is listing their home during a different time of the year, there is probably a good reason. Maybe they are moving for work. They might be going through a divorce or some other family change. Whatever their reason for listing their home, sellers who list during a slower part of the year are often motivated to work with buyers. They may be more likely to accept an offer with contingencies, such as the sale of your current home.
The price is right.
Like any other market, real estate operates by the law of supply and demand. When demand is lower, prices fall. Prices can fluctuate by 15% or more between January and May. Think about how much more house you could get if your budget went 15% further. And you may even be able to do better than that, if you find a seller who is willing to reduce their price in exchange for a quick close at a slow time of year.
Ready to start looking? Loeffler Realty can help.
If now is the right time for you to start looking for your next home and you know what part of central Maryland you’d prefer to live in, try a map search or address search. To filter by property type, price, number of bedrooms or bathrooms, square footage, and more, use our advanced search feature.
Call us today at (301) 882-8186, or use our contact form. We’re committed to helping you find the right home at the right price.