In Chicago winter, with colder temps and snow approaching, you might assume that it’s not a good season to be looking for a home. As most are focused on holiday festivities, this opens up opportunities for home buyers. In our connected world with access to property listings, the real estate market doesn’t take a winter break.
Here is insight into the buying real estate in the colder months …
Less Market Activity
Fewer people overall looking to buy a home at this time will lead to less competition among other home buyers. This gives you leverage in your offers and lowers the chances of multiple offers and bidding wars. Homes listed at this time may be more open to negotiation.
Although it does seem that most businesses are 24/7 now, the holiday season tends to bring more focus to time off to enjoy festivities. This time of the year may be the ideal time to use vacation time to house hunt instead of using up precious weekends during the year. Plus, mortgage industry professionals see a slow in the market and tend to be more flexible with timelines.
Motivated Home Sellers
If a home is on the market at this time, there’s a good chance that the seller may need to sell the home. Perhaps it’s a job relocation, financial hardship or a change in personal circumstance. There is also an incentive if a house has already been on the market for some time. In any case, with fewer offers on the table at this time of year, a seller may be more willing to accept a lower offer and/or be flexible with concessions, like paying part of the closing costs.
Weather, Weather, Weather …
This is the time of year when weather can play a major role in how the real estate market performs. Snow, rain and cold keep the less serious buyers away. But if there are homes on the market that seem interesting to you and you are serious buyer, keep a watchful eye. These are the times when fewer buyers vying for the same home and can help you get the better deal … if there is a deal to be had!
Good luck and as always if you have questions, please contact us. We're happy to help!