Home sales typically slow down during winter months. Take a look at the most recent Reno/Sparks real estate market statistics to see how the current market is looking. And while unloading a moving truck in the middle of a snow storm is no one's idea of fun, some will argue that buying a home in the winter is the best time to buy. Check out these 7 reasons why you should buy your home in the winter.
1. Less Competition. January and February make up about 6% of home sales. May through August make up about 40% of home sales. So there will be fewer buyers on the market and less competition for that home of your dreams.
2. Faster Close. Your lender will likely have fewer loans to work on during the winter months, and since the close of escrow can be at the mercy of the lender's schedule, this is a very good thing for those who want to close quickly.
3. Available Services. Movers, inspectors, and contractors can be booked solid during the summer months, so having first pick on a moving date and not having to wait two weeks for a contractor to look at something that come up on the inspection report can alleviate a lot of stress.
4. You See the Home at its Worst. Sure, the curb appeal is going to be better in the spring and summer, but when you purchase a home in the winter, you know how it looks with barren trees and minimal landscape so there won't be any surprises.
5. Your Inspection is More Thorough. In addition to the checklist your inspector will provide, you can also check the roof for ice dams, check for drafts that you might not notice during warmer months and make sure that the driveway will be safe if there's ice and snow, something that may not come to mind in the summer months.
6.Time Off. If you're moving to a new town, or just don't feel like you have the time to shop for a new home, the holidays offer more time off than the rest of the year. Take advantage of school and work holiday time to find your new home.
7. Sellers Are Motivated. There's less competition and sellers know that so any anyone who's selling their home mid-winter probably needs to sell. Many of these sellers want to sell quickly and may offer incentives such as a quick close.