It's not uncommon to see the Denver real estate market slow down in the winter. The temperatures are dropping, the holidays are in full swing and kids are fully settled in school. It's understandable to not want to move when it's cold which is why inventory and prices often drop during this season. However, if you're a motivated buyer who can handle a little cold, you can snag a great deal in the off-season.
Here are our 5 reasons to buy in the winter:
Lower inventory and fewer buyers means the prices often drop when the temperatures do. Historically there are fewer people looking for homes in the winter, which drives prices down. Buying during winter could mean you will pay a little less for your dream home than you would in say, June.
Home systems put to the test
The cold winter temperatures, snow and ice can be taxing on a home and its systems. Cold pipes, blasting heat and heavy snow fall can cause faults in the system of structure to show. This is perfect for a home buyer. As you see houses during the winter pay attention to the temperature:
-What’s the setting on the thermostat?
-Are the windows drafty?
-Does the house feel warm or chilly?
Paying close attention to these details can prevent you from buying a home with low quality windows or a poorly functioning furnace, for example.
During the often season, most sellers are only selling because they have to. Either their home has been on the market for a few months or they often need to move due to a job transfer, etc. Winter sellers are frequently more motivated and may be more inclined to negotiate with buyers.
Buying during peak season can lead to bidding wars and emotional turmoil over not getting the home you fell in love with. During the winter there are fewer buyers and less chance for competition. While inventory may be lower, you will have a better chance of getting the house you fall for, likely at a lower price.
Knowledge of road conditions
Sellers will receive notice of your upcoming showing, but the snow plow will not. Consider scheduling your showings on snowy days (if the conditions aren’t terrible) so you will be able to see how quickly, if at all, the roads in and out of the neighborhood get plowed. While the snow is falling, expect to see snow covered roads, but several hours later, or the next day, the roads should be passable.
The benefits for home shopping during the winter can get you more bang for your buck while helping you avoid buying a poorly functioning home. Enjoy home shopping and make the most of the season! Get in touch today to start your home buying process!
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