The real estate market usually slows down during the cold season. However, buying a property in winter can be a wise decision for several reasons. If you’re considering selling your property during this chilly time, don’t hesitate! Here are 7 reasons to buy a house in winter:
1. Easier Home Inspections
In winter, homes more easily reveal their weaknesses. Poorly insulated windows, pests in the walls, snowy driveways, ice dams on the roof… There’s no impeccable landscaping to distract you! Visiting properties in winter allows you to closely examine your investment.
2. Decreased Demand and Lower Prices
In winter, there are generally fewer real estate transactions. As with any market governed by supply and demand, a decrease in the number of buyers leads to a drop in prices. Coupled with rising interest rates, this winter is a good time to acquire a property at a favorable price.
3. Less Competition
Have you observed the overheated real estate market in recent years, and stories of multiple offers and bidding wars have worried you? With fewer buyers in winter, you have a better chance of submitting the only offer on the desired property. This situation also allows you to negotiate the price, terms such as the possession date, or even additional assets.
4. Highly Motivated Sellers
People who list their property for sale in winter usually aren’t just testing the market. They genuinely want to sell, and often quickly. This is an excellent opportunity for buyers. However, avoid making an offer much lower than the asking price. Adjust your offer based on comparable properties sold recently in the area.
5. More Time to Settle In
The cold encourages staying indoors, which is perfect for carrying out small installation tasks (painting, installing shelves, decorating, etc.) and unpacking your boxes. In winter, there are generally fewer social events, unlike in summer when every weekend is an opportunity to party. Moreover, your loved ones will likely be more available to help you move.
6. Movers Are Available
Unlike July 1st, a period of intense moving in Quebec, in winter, moving companies are happy to receive your call. You’ll even have time to compare offers from different companies, and prices are generally lower than in summer.
7. Take Advantage of the Last Tax Credits
December is your last chance to buy a property and use it as a tax deduction for the current year. Indeed, if you wait until spring, it will be too late to take advantage of these tax benefits for 2022 (you will have to wait until the 2023 tax return). Thus, winter is the ideal time to leverage the tax advantages associated with buying a property.
In conclusion, there are several reasons why winter is a favorable time to buy a house. Easier inspections, lower prices, reduced competition, motivated sellers, extra time to settle in, mover availability, and tax benefits all make buying a property in winter an attractive option.