Home for the Holidays: Why Winter is the Perfect Time to Buy a House

When many people imagine real estate open houses, they picture lush green lawns, tree-lined sidewalks, and lots of natural light. We’ve been conditioned to see spring and summer as peak house hunting season, so the vision of greenery and sunlight makes sense. But what if the best time to buy a house is actually during winter?

Best Time of Year to Buy a House

Buying a house in winter may seem counterintuitive; there’s often less inventory, and there’s less rush to get into a new house (and school district) before the start of the school year. Believe it or not, that’s actually part of the reason it’s a good idea to pick up your home search during winter months. Below, we’ve outlined 7 reasons to re-think the best time of year to buy a house.

1. Lower Competition

No matter where you are in your house search, you’re probably aware that New York City real estate, as well as in surrounding areas, is a hot commodity. With such a concentrated population in a relatively small geographic region, there’s high demand for limited space.

The good news is that the real estate market tends to cool with the weather. Once children are enrolled for the next school year, the pressure to buy decreases for many families. It’s difficult managing a major purchase and move in the middle of the school year, and having kids adjust to new surroundings, classmates, and coursework. For this reason, once September hits, parents of school-aged children typically hold off on their search until the following spring and summer.

All of these potential home buyers leaving the search lower the amount of competition for houses that are still on the market. If you’re interested in a property that’s listed in winter, chances are that there will be fewer buyers making offers against yours.

2. More Motivated Sellers

If a house has sat on the market for a few months with little interest, homeowners may be willing to make seller concessions to close the deal. This is especially true in situations where homeowners are unable to keep up with mortgage payments or physically maintain the property.

There are also time-sensitive issues that may have caused the house to go on the market in the first place. Factors such as divorce, a death in the family, loss of a job, or health issues may prompt people to list their houses during off-seasons. In these cases, the owners likely want to make a quick sale, and will be more motivated to accept an offer.

If you have any contingencies (including mortgage contingencies) that make you a less attractive buyer than someone with cash in hand, winter may give you the chance to make a deal that wouldn’t be possible during peak home-buying season.

3. More Focused Realtors

Just as home sellers will be getting less attention in winter, so will real estate agents. With fewer clients to manage and tours to schedule, realtors will have more time to devote to your home search in winter.

Buyers can expect a more personalized experience as they are no longer competing with dozens of other searchers. Your agent may even have better insights on new properties that haven’t yet been publicly listed, giving you a leg up over others in the market.

4. Lower Prices

With motivated sellers looking to unload their properties during the off-season, home buyers may benefit from lower real estate prices in winter. This doesn’t necessarily mean there’s anything wrong with the house; there are a number of reasons that cause sellers to drop their prices. Season changes are among them.

Still, if a home price seems to good to be true, do some digging to find out why. If a home has been on the market for months, ask your agent to look into why other buyers may have passed on it. It could be an issue of location, seller contingencies, property defects, etc… It’s best to know what you’re getting into before you take the plunge.

That being said, prices do tend to go down in winter due to lower demand. If you find your dream home at a slightly better price than expected this time of year, you probably don’t have to be too suspicious about it.

5. Faster Time to Close

Remember how real estate agents are less busy in the colder months? The same goes for most other real estate-related professionals, including mortgage brokers, real estate attorneys, title agents, and others.

With fewer people buying homes, these members of your home purchase team will have more time to devote to your process. This can be especially helpful if you need (or want) a quick closing. 

For home buyers who are up against an expiring rental lease, a fast closing can mean the difference between finding a temporary living arrangement or moving right into your new home. It also means you’ll have time to make certain purchases and repairs in the off-season, which can lead to greater savings (read on).

6. Save on Moving and Other Expenses

Many industries see winter as their slow season, and offer discounts on their services this time of year. For example, moving companies may have better availability and rates in winter as peak home buying season ends.

If your soon-to-be home needs a new fence, you can find some great deals on fence installation during winter. Suppliers will be looking to unload last season’s inventory, and will have better prices to spur business. The same goes for winter roof repairs, window replacements, and HVAC tune-ups.

Because most homeowners do these property updates in the summer, contractors often lower their prices during winter months. And because there’s less business this time of year, you can likely get a repair person to come whenever it fits best into your schedule.

7. Assess Inclement Weather Conditions

An added benefit of buying a house in winter is that you can see how a property holds up in the snow (and ice, and general cold).

If you walk through a house and it feels drafty, that can tell you there are leaks in the seals around windows and doors. You can also see what it’s like walking up stairs and across driveways when it’s icy and slippery outside. Are there well-placed railings to support you? If there’s a sunken driveway and garage, will it become inaccessible during a snowstorm? And how are nearby trees handling seasonal storms? Check to see if there are any branches leaning toward the house that may become a falling hazard in the next blizzard.

Likewise, if you ever have the opportunity to view a home during a rainstorm, it’s a great chance to check for leaks and general moisture control issues. Take advantage of bad weather days!

Buying a House in Winter

If you’re still unsure about whether now’s the right time to buy, take a look at some listings to get a sense of the market. Even if you’d planned on waiting for spring, there’s no harm in seeing what’s available now.

Take advantage of the seasonal slowdown by getting your mortgage pre-approval process started. Having that letter in hand will be an asset once you’re ready to start making offers, and banks should be more responsive this time of year.

And if you want to casually browse listings to see what’s available without any pressure from real estate agents, use an online platform to see properties for sale in the NYC area. You can set your budget, select features that are important in your next home, and check out different neighborhoods.

With Prevu, you’ll have access to real estate listings in NYC, Westchester, and Connecticut. See which areas fit your lifestyle and budget and schedule property tours online, whenever you’re ready to do so. You’re in control of the process from start-to-finish, and when you have questions, our agents will be there to walk you through every step and work hard to get you into your home for the holidays. Best of all? With Prevu’s Smart Buyer Rebate, you’ll get back a portion of your closing costs once you buy a house (which will come in handy for holiday shopping!).

Happy hunting!