Real estate markets can go up and down, but when cold is a factor; a seasonality pattern begins to emerge.
Buyers seem to go into hibernation until Spring!
The reason is simple; it’s not fun to move in the cold. Due to the decline of buyers throughout the winter, experienced agents will recommend sellers wait until Spring to list their homes for sale.
So why buy in Winter?
Economics 101: less demand = lower prices. The decrease in supply is usually overshadowed by the decrease in demand, creating buying opportunities.
Less competition = less chance for multiple offers. No one enjoys finding their dream home, only to have many others fighting for the same property.
Circumstances: Often sellers may be selling in winter because they need too. Life changes, job changes, opportunities arise; which often means sellers are very motivated in winter.
Avoid herd mentality: Go against the grain. Buy when the market is slow; sell when the market is high!
Summing things up: Buying in Winter can be a strategically sound move, but it is one piece of the puzzle. Be sure to ask us about your local city and what other factors are at play to make the right decisions for your circumstances!