Spring is normally considered the optimal time of year to buy or sell a home in today’s market. That’s where the phrase “spring buyer’s season” comes from. It’s during this time that renters and anyone else hoping to move start thawing out and hit the housing market running.
Cold weather brings bigger savings for renters ready to own
Last year, Bank of America’s 2018 Home Buyer Insights Report included a section detailing the ideal time of year to buy a home. Unsurprisingly, 41 percent of the renters questioned said spring was the preferred season to buy. What was surprising was that winter was ranked in second place at 24 percent.
Across the U.S., spring and summer can be the seasons with the most competition for homebuyers. It’s common for families with kids to plan a move in the summer months so their children can settle and start school by fall. The families who don’t find homes in this window may press pause on their house-hunt for the fall and winter, planning to resume in early spring.
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As you can imagine, this sets the stage for a wintertime housing market with much less competition. Moving.com also confirms that planning a wintertime move can score you the lowest price:
“If you define ‘best’ by cost then, generally speaking, you are more likely to save on a move during the late September to April window. Demand for movers usually slows down during this time frame and rates are low.”
For sellers, there are many benefits of listing in the winter. (You can read our top four here, starting with the fact that buyer demand is still high.) Homebuyers house-hunting in the winter are the ones who are serious about finding a house in a shorter amount of time. Winter sellers are also likely to see less competition, with homes staying on the market for as few as 37 days.
Welcome to your winter wonderland. Ready to buy?
This is exciting. Winter is more than a money-saving season, where up to 30 percent of homes may cut their price.* It’s also a season with less urgency and more time to receive personalized care from your loan officer and realtor. Click here to connect with a friendly, local loan officer who could save you a month’s worth of money lost in transition, beating the industry average to get you home in 10 days.
*“Nearly One in Three Homes For Sale in October had a Price Drop. Highest Level Since at Least 2010.” Redfin, Nov. 2018.
For educational purposes only. Please contact your qualified professional for specific guidance.
Sources are deemed reliable but not guaranteed.