5 Reasons to Purchase a Home in the Winter
When it comes to the home-buying process, there are many things to consider. One of the most important factors is the time of year. Many people think that buying a house in the winter is a bad idea, but we are here to tell you that there are several benefits to doing so! I hear things like, "I don't want to have to move in all the snow", or "there are only bad homes that nobody wants for sale in the winter". And although the first is a fair point, the second is not always the case. In this blog post, we will discuss 5 reasons why you should purchase a home in the winter, and it might just make that move in the snow well worth it!
Less Competition
One of the best reasons to buy a house this time of year, compared to the peak season, is that there are fewer buyers in the market during the winter months. It's no secret, that there are fewer real estate sales during the winter. In the spring/summer real estate market, which is typically our peak real estate season, and when real estate agents are at their busiest, many potential buyers are looking for a new home which can cause a bidding war, faster sales, and higher selling price. If you wait to purchase a home until the winter months, you will have more negotiating power and you may even be able to get a better deal on the home you want with fewer people in the market.
But also less inventory
Now I should mention that along with fewer competing buyers, there will also be fewer homes on the market. Lower inventory is to be expected compared to busier markets. This does not mean you won't find your dream home, it just might require some patience, and possibly some compromise.
Interest Rates are on the rise
Another reason to buy a home in the winter is that at this time, mortgage rates are expected to increase. This is because the Bank of Canada is raising its overnight rate to help curb high inflation. We have already seen several increases throughout 2022 with the most recent in September, but I don't think they are quite done yet as another possible increase is expected in December.
Motivated Sellers
Many home sellers who are actively trying to sell in the winter real estate market are doing so for a reason. There tend to be fewer real estate transactions in the winter market, which can motivate sellers to be a bit more aggressive with their prices. Maybe they are moving because of a job change, or have already purchased another home and now carry both homes, or they tried to sell during the previous spring/summer markets and were unsuccessful because they over-evaluated their price in the busier season and have now realized they need to be a bit more competitive with their price. You never really know why a seller decides to list their home in the off-season, but you can be pretty sure there was some motivation behind the decision.
Determine the Right Price
One thing to keep in mind, and this is where an experienced real estate agent can help, is to make sure you determine that the Seller has priced the home to reflect the time of year and market activity. What I mean here, is don't just run around throwing insane low offers around thinking just because it's winter, they have to accept your offer. Many sellers will list their homes to reflect the current market conditions. Have your agent show you information for recent sales activity in the housing market, but also compare to what similar homes had been selling for in the previous summer and spring markets. There should be a natural decline in values, and if the seller has already priced to accommodate this, then you don't need to add a decrease to your initial offer. This will help keep a good working relationship between you and the seller, and they will be more willing to work well with you during the purchase process.
Deals for Services and Retailers
Service Providers
One of the more overlooked reasons to purchase a home during the winter season is that booking and scheduling service providers such as movers, decorators, cleaners, painters, and so on, is much easier because there is naturally less activity during this time of year and these businesses tend to be less busy. Service providers need to be 
more competitive during the slower months to maintain business and this can be beneficial to you as the consumer.
Retail Deals
Buying a home in the winter allows you to take advantage of seasonal discounts like year-end sales, boxing day sales, etc. Many retailers offer great deals on home-related items during the cold weather months to clear the previous year's stock and make room for the new inventory. This means that you can save money on things like appliances, furniture, and even decor. By taking advantage of these seasonal discounts, you can make your new home even more affordable.
More Favorable Terms
With fewer buyers in the market and less competition, sellers are much more likely to be agreeable to your preferred terms in the contract. If you have a specific closing date in mind, or maybe they will be more agreeable to fix an item or two you found during the home inspection. Whatever the case may be, a seller will be far more susceptible to these requests during the slow winter months.
Bonus Benefit!
One Less thing to do in the Spring/Summer
And finally, buying a house in the winter gets the move done before the busy spring and summer months arrive. We all know that as Albertans, we already have a short enough window to enjoy the warmer months. Purchasing a home, and moving before the warm weather arrives, gives you that much more time to enjoy it while it's here! Imagine having your new home, and getting settled before spring arrives. You could start planning your landscaping projects, vacations, and family activities, or just have more time to relax and enjoy your new home. Purchasing a home is a process and takes time. Why not do it when many of us have more time to spare, like in the winter?
In closing, purchasing a home in the winter may or may not be the right choice for you, but I hope I have helped open your eyes to some of the potential benefits to a winter move. You will need to think about your specific needs, and schedule, and decide if these benefits make a winter move a worthwhile endeavor. If you have any questions and would like to talk to an experienced real estate agent or want to explore the potential of a winter move, I'm here to help!
Stay warm!
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Corey Sylvester - Trusted Edmonton Real Estate Agent
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