Let’s state the obvious here, house hunting in the dead of winter is less fun than on a warm, spring day. Nobody wants to trudge through the ice and snow to find their next home. But sometimes a new job or an unpredictable life change happens and there’s just no way around it. So if you’re gearing up for a move within the next few months (or are contemplating one), here are some things to consider before buying or selling during winter.
- Less Inventory– In Denver, there are only about one third as many homes for sale in winter, as there are in spring or summer. Buyers, you may have to expand your search to outside of your ideal area (or price range) to find what you’re looking for. However, the bidding wars and packed open houses are likely to dramatically decrease as well, which may very well work in your favor.
- Motivated sellers– Homes that are on the market in winter often have motivated sellers who cannot wait for the spring/summer rush to list their home. Homes that need some updating may be more likely to list in the winter when there is less competition against like-new homes. So if you can see past outdated cabinets, light fixtures and appliances, winter might be a great time to catch a deal.
- FHA loans- FHA buyers may have a better time landing a deal now, than in the spring time. Less competition means less (or no) cash offers or conventional loan offers with large down payments.
- Stable Interest Rates– Interest rates have so far remained stable, although they are predicated to increase multiple times in 2018. So maybe getting a loan before they do will allow you to afford a better home.
For more on this topic, check out this article by Trulia.