Why wait for the Spring Market - Winter can be an excellent time to buy a house!

So real estate wizards tells us that spring and summer are the prime seasons for house hunting. Buyers are more likely to get out and shop when the weather is nice. It is a more pleasant time of year, and sellers know their yards look better when not covered in snow. Yet there are some very compelling and logical reasons for going shopping for a house in the fall and winter.

Here are some pros & cons to buying a home in November & December.

PROS

Fewer Buyers to Compete With

The most obvious plus is exactly because real estate wisdom says to shop spring and summer. As a result of this popular piece of real estate advice, there will be fewer buyers in competition during the winter months.It's simple economics - the low demand will work in your favor. So for the investor looking to swoop  a good deal in the house market, the winter can be prime time.

Sellers Will Be Motivated

All the low activity in the winter will result in sellers being far more motivated to sell. Real estate agents know that the slow winter months are when sellers are sometimes more willing to negotiate. And these are all the very reasons that many real estate agents recommend that their clients delay listing their homes till at least mid-January. There are the circumstances why sellers have chosen to sell during the winter. Perhaps a job offer has dictated a winter move, or the seller may have personal issues that are dictating his/her actions - financial woes, divorce, etc. Again, this may work to the buyer's advantage for the seller maybe very motivated.

Fewer Chances That There Will Be Multiple Offers on the House You Want

Another reason that winter can be such a buyer’s market in real estate is that there maybe fewer number of buyers competing for homes mean that the chances of being in multiple offers on a single property can be greatly reduced. 

Cons

Low Inventory

Fewer houses on the market mean…fewer houses on the market. If you have a long wish list of “must-haves, ” winter house hunting may not give you all the options you desire.

Winter months mean winter weather

Once snow has fallen, it becomes difficult to tell what the yard is really like. While you may be able to assess the “bones” of the home, you won’t get the curb appeal that summer and spring bring. You will have to “imagine” a blossoming yard and trees with leaves..

Unexpected snowstorms or icy conditions can make it difficult to drive a moving truck and carry boxes safely to and from the house. Moving can be a slow and delayed experience.  

So brave the cold, pull on a winter coat, and get out there and house hunt.

What are your thoughts on winter home buying? Have you ever bought a house in the winter? If so, what were some of the pros and cons that you encounters? We can’t wait to hear from you.

For more information on this or on the real estate market in Beaches, Riverdale, Leslieville, Danforth Village or any of the Greater Toronto Neighborhoods, please contact us Wafa Masri or Jalila Freve (416-699-9292 or www.weselltoronto.com, to answer any of your questions or for a complimentary home evaluation.