Opinions are split as to whether buying and selling a home in the winter is the best time or not. In the post-coronavirus world, plenty of conventions and traditions have been turned upside down. Deciding if you should erect a For Sale sign in your snow-filled yard or venture out in cold conditions to find your dream home? There are some factors to consider, working in favour of taking the leap into home-ownership during the winter.
#1 Fewer Bidding Wars in the Winter
Historically, there is less competition among homebuyers during the winter months. Unless the sun is shining and the temperatures are above normal, not everyone is willing to endure the wrath of Old Man Winter. Moreover, winter is not always the most convenient time to acquire a new property. The buzzing holiday season often has homebuyers distracted, and families may be apprehensive about moving to a new neighbourhood in the middle of the school year.
#2 Faster Mortgage Closings
It may seem counterintuitive, but the winter months might offer quicker service during months. Because sales activity is typically a bit slower between November and February, service professionals within the industry may be faster since they aren’t as busy.
Mortgage closings, home inspections, contracting services, and legal documentation – everything that is involved with buying a home can be quicker than if it were done in the middle of the spring or summer.
#3 Is Everything Cheaper?
Statistically, since the winter months tend to see lower volumes of activity within the real estate market, sellers are more likely to list their home at a fair price, or priced to sell! Without overinflated prices, and the decreased likelihood of a bidding war, you’re more apt to score a good deal on your purchased property in the winter home-buying season.
Further, since real estate is an essential industry, many industries that support buying and selling a home are readily available. The market slowdown in the winter may make some services less expensive, since there isn’t as much activity. Whether it’s moving companies or contractors, some are willing to negotiate in order to drum up business during the winter season.
#4 Seasonal Bonuses
‘Tis the season for bonuses from your workplace. It might be a bit different in 2020, but many companies hand out respectable bonuses to their staff to show their appreciation for a job well done. This cash injection is great for homebuyers who may allocate it directly toward their down payment if they are browsing for a home in the winter.
#1 Winter Spawns Serious Buyers
If somebody is willing to travel through a Canadian winter to visit an open house, it is more than likely you have a serious buyer on your hands. It is easy to attract a few dozen people to your property on a gorgeous spring day, but are they genuine about their interest?
Winter separates the window shoppers from the dedicated customers.
#2 Less Competition!
The reduced competition during the winter season is a plus for buyers and sellers alike. With fewer properties available on the market, you’re more likely to sell your home quickly (as long as demand is there!) with favourable terms.
#3 Highlight Your Home’s Energy Efficiency
How efficient is your home? If you are like most modern households, you have invested in your home’s energy efficiency to cut down on your utility bills. What better time to show off this incredible investment than during the winter, when your hydro bill is typically higher. This could not only add thousands to your home’s value, but it could be a selling feature for homebuyers.
Got a hot tub or a fireplace? These will be extra favourable features for winter buyers who will naturally be looking for homes that offer cozy warmth.
Winter is in the Air
Any time the birds start chirping, the days become longer, and the temperatures begin warming up, For Sale signs pop up on yards everywhere.
While this is part of the reason that more homeowners sell their properties between March and November, plenty of industry experts regularly champion the winter as a great time to be both a buyer and seller.
“Toronto’s Luxury Real Estate Authority”