As the weather cools, so does the real estate market; however, conducting a real estate transaction in winter might be advantageous for several reasons.
If you want to put your home up for sale at this time of year, don’t let the cold weather stop you! Here are 7 arguments that prove that buying a home in winter is a good idea.
The House is Easier to Inspect
A residence’s weaknesses a more likely to be apparent in winter, such as inefficient windows, pests in the walls, an extra-wide driveway to shovel, ice build-up on the roof, etc. Plus, there isn’t any pretty landscaping to distract you! Viewing properties for sale in winter enables you to cast a critical eye on your investment.
Lower Demand Means Lower Prices
Typically, fewer real estate transactions take place over winter. As the overall market is driven by supply and demand, a drop in the number of buyers leads to lower purchase prices. This factor, in combination with a rise in interests rates, means this winter might be an excellent time to acquire property at a reasonable price.
There Is Less Competition
Has watching the real estate bubble swell over the past few years and hearing stories of multiple offers and bidding wars made you break out in a cold sweat? Since there are fewer people looking for homes in winter, there is a greater likelihood of you being the only one submitting an offer on your desired property. This also means you are in a stronger negotiation position for terms like the occupancy date or even items you fancied during the visit and would like to include in the sale, like the spa, billiard table, or appliances.
Sellers Are Particularly Motivated
People who decide to put their residence up for sale despite the chilly temperatures are generally not testing the market: they are motivated to sell. These are usually sellers who need to get the property off their hands quickly. This is a great business opportunity for buyers. Avoid being too arrogant by lowballing the sellers on the price, however. Stay within the price range of comparables in the neighbourhood that have sold in the past few weeks.
More Time to Move in
When the air gets nippy, we tend to want to stay indoors. Which is why this is the perfect time to set up house by carrying out minor tasks such as painting, installing shelves, planning your decor, and emptying your boxes. Indeed, there are often fewer social occasions with family or friends in winter, unlike during the summer when every weekend is an occasion to party. Moreover, your loved ones have more free time to help you move in winter.
Movers Are Waiting for Your Call
Everyone in Quebec moves house on July 1rst. Everyone … except those Quebecers who are lucky enough to be able to choose another date! Any other date! The cost of truck rentals, movers, and even pizza rises excessively during the Canada Day long weekend. Not so in winter when moving companies will be thrilled to offer you their services. Plus, you’ll have time to shop around and compare different companies’ prices.
You Can Still Qualify for Tax Credits
The month of December is your last chance to purchase property and claim a capital cost allowance on your 2022 income tax return. When the snow melts in spring, it will be too late (you’ll have to wait until you file your 2023 tax return).
As you can see, wintertime is no reason to put your real estate dream on hold!