Purchasing a house and moving during the winter may seem inconvenient, but it may also lead to considerable savings. If you are looking at a market with low inventory and have as of yet not been able to secure a home, it may also mean you have much less competition. Below are five reasons you may want to consider moving in the winter.
Sellers May Be More Motivated
Homes are typically priced slightly less during the winter, possibly since homes sold during the winter have taken longer to sell. Combine this with any number of pressing reasons, from having to move due to work or a financial obligation, and you have a seller who may be willing to accept a lower offer, any offer, just to move on.
You Get an Objective View of the Property
Any property that exists in a place where winters reach below freezing will appear less lush and lively in the winter. Trees lose their leaves, flowers die back, lawns are virtually non-existent, but on the plus side, you will get to decide on a fireplace.
While this might make it harder to see the potential of a home, it can also make it easier to take stock of the actual building and not get sidetracked. And, if you want to see the house in another season, you can always ask for pictures.
There May Be Less Competition or Fewer Offers
Lower selling prices may be the result of fewer offers. With the holidays and the cold weather, winter isn’t always the ideal time to move from house to house. It can be tricky to coordinate and uncomfortable. Changing schools can also be an additional hassle. However, if you are in a position to move or aren’t bothered by a little extra work, you may have less competition and end up scoring a great deal.
You Will Have a Better Idea of Winter Conditions
If you’re moving to a new area, like Colorado Springs, but you aren’t sure what to expect come winter, this is the ideal time to discover all the things you need to do to make winter as comfortable as possible. If there is a pool involved, see what the current owners do to winterize it. How much snow is typical? Will you have to deal with thin sheets of ice on the driveway or pools of frozen water collected in cracked concrete?
Tax Benefits and Deduction Restrictions
Home ownership can make your taxes more complicated, but it also comes with a few benefits. Selling a home comes with a substantial number of tax benefits and deductions. Depending on the seller, those deductions may need to be taken in a specific year. If it’s already winter, that deadline may be fast approaching.
For example, if a seller needed to make repairs to a home to make it ready for sale, they can deduct those expenses but only if the repairs and improvements are made within 90 days of closing. If they’re already listing in winter, that gives them a short window to sell the house in a less-than-optimal market. If this is the case, a seller may be willing to accept a lower offer to speed things up instead of taking a loss on this or other similar deduction.
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