There Isn’t a Lot of Demand During the Winter
Sellers May Think Like Retailers Between Black Friday and Christmas
It isn’t uncommon for sellers to encourage buyers with perks such as gift cards for looking at the house or making an offer. They may also decide to keep appliances in the home for the buyer’s benefit or otherwise make concessions that wouldn’t otherwise be available. Therefore, you could save thousands on furnishing your home or pick up an easy $500 just for making an offer on a house that you want anyway.
You Never Know if Market Conditions Will Persist Into the Spring
As a general rule, you should finance your home whenever you think you can get the best deal. If you get an interest rate and other loan terms that are favourable, it doesn’t make sense to wait two or three months just because you think it is conventional to do so. Instead, go ahead, buy a home in the winter, and apply for your mortgage and complete the buying process as opposed to taking a risk that interest rates may rise.
Your Lease Ends When Your Lease Ends
If you have a lease with your current landlord that expires in December, January or February, you have to make a decision immediately. While you could sign a bridge lease to give you time to finalize a home purchase on your own schedule if necessary, it could cost $100 or more per month to do so. In many cases, you can take possession of the home before the transaction closes assuming that the buyer is alright with that.
Get a True Feel for Your New Home
In a city like Winnipeg, you can expect snow and cold to stick around for up to half the year. Therefore, moving into your home during the winter months gives you a true sense of what it will be like to live there. It also gives you a chance to get an idea of how much maintenance it may need or how hard it will be to maintain the home by doing your home search during the winter. Even if you have to take action to stop drafts or guard against ice dams, it is easier to fix minor issues when you know that they are present.
No matter what a real estate agent or mortgage broker may tell you, it is not a bad idea to buy a home in the winter. As long as you get the home that you want at a price that you can afford, move on the deal as soon as possible. Remember, the sooner that you move in, the sooner that you can stop paying rent and start building equity in a property you can enjoy for many years to come.