Five reasons to buy a home during the winter

Conventional wisdom tells us to do our home buying in the spring and summer months. The weather is nicer, the days are longer, and the market is flooded with houses. Shopping during primes season also means you’ll be competing with a lot of other buyers.

Winter may seem like a terrible time to buy a home, but we believe there are some compelling reasons to trudge out in the cold and find your dream home during the winter months.

1. There is less competition

This is the most obvious benefit of home buying during the winter. With everyone waiting for spring to begin shopping, there will be less competition for your dream home. The chance of finding a good home only to find it has multiple offers on it is greatly reduced. This also gives you an upper hand in negotiations as the laws of supply and demand are in your favor.

2. Prices are typically lower

Because supply outweighs demand during the winter months, home prices are typically lower. You can find a home for thousands – even tens of thousands – of dollars less than it would be listed for during peak season.

3. Sellers want to make a deal

When a seller lists a home during the winter, it is usually because they are looking to move as soon as possible. Typically, a major life change, such as a job relocating them to a new city, means they do not have the time to wait for selling season. Because of this, they will be much more willing to work with you during negotiations, leaning it in your favor.

4. Deals close faster

During the spring and summer months, brokers get backed up by days or weeks, delaying your move-in time and causing problems with your financing. During the holiday season, things slow down considerably, which means brokers have more time to focus on you and you get the keys to your dream home in no time.

5. You can see how the home fares under harsher conditions

Specifically in New Orleans, our homes are built to handle the summer heat, not the winter chill. Buying a home during the coldest months of the year will give you a chance to see just how well it will hold up. Are there drafts? Do things creak? How are the pipes and the heating? These are things that may not be so obvious during the summer but will be on full display during the winter.

If you are buying a home this winter, make sure to finance it through POECU. We will help you find a mortgage option that’s right for you.