Navigating Fall and Early Winter Home Buying

Buying a home in the winter is significantly different from buying in spring or summer. In several ways, winter home buying is impacted by lower inventory, less buyer competition, more negotiation power and navigating winter driving conditions.

Let’s break this down in more detail.

Housing Market Inventory

Once Halloween comes and goes, most sellers decide to stay put until the spring. The people selling their homes in the winter months usually need to move for a variety of reasons. 

While housing inventory tends to be lower in the winter months, sellers are often motivated to sell quickly due to job relocations, financial reasons or any number of pressing reasons. 

Buyer Competition

That brings us to buyer competition. In the Greater Washington D.C. area, the market is competitive. The spring and summer markets are known for having higher inventory or more house choices but there is also competition, from other buyers, for most houses, especially the properties that are completely remodeled and updated. In many cases there are multiple offers for a single property. 

Most buyers and sellers, think it’s best to wait until the spring to sell or buy a home. 

 This is not true! If you are ready to buy a home, keep looking at properties in the winter months! In winter, you have more power to negotiate contingencies in the contract (more on that later), the sales price and other important parts of the contract. 

Home Prices

Generally, home prices are priced lower in the winter months because there is reduced demand. Again, this gives home buyers the opportunity for a better deal on a property. 

Home Condition and Inspection 

The colder weather can expose issues like poor insulation, drafty windows, or heating issues. However, certain outdoor inspections could be problematic if there is snow on the ground. Inspections of the roof and exterior of the home could be hindered by snow or ice. In addition, it’s likely the inspector wouldn’t be able to test the performance of the air conditioning unit. 

Mortgage Processes and Rates

Everything seems to slow down a bit in the winter including the mortgage business. This could be an advantage. Keep in mind, your lender should always respond to phone calls, texts and emails quickly no matter what time of the year.  

Moving in Winter

Moving can be more challenging due to weather, shorter daylight hours, and holiday schedules. However, moving companies may offer discounts during this slower season.  

It may be easier to move in the spring when the weather is better, usually. But it’s also the peak time for buyers, moving companies and truck rentals. It’s likely you will pay a premium for services and be in competition with other buyers for properties. 

‍

And finally, there is the emotional factor-when you buy a home in the winter. The pace is slower and focused on finding what you want in a home with the best terms of the contract. 

Remember, if you are ready to buy a home, don’t wait until spring. 

Right now in the fall and winter months, buyers can get good deals, flexible sellers and have more negotiation power. 

Yes, inventory is limited in fall and winter. However, there are homes for sale and you could find your house at the right price with the best terms for you.  

‍

How can we help?

The exclusive buyer agents at HomeBuyer Brokerage specialize in serving home buyers. Please reach out with questions at info@homebuyerbrokerage.com.