Waiting for the ideal market conditions often leads to missed opportunities. What you might not have considered is that if you're ready and able to purchase, this season could actually provide you with an advantage. Here’s the reasoning: as temperatures drop, the housing market tends to slow down too, which can work in your favor.

You Likely Won’t Feel as Rushed

Homes generally take a bit longer to sell in the winter. According to the National Association of Realtors (NAR), the average time a house stays on the market tends to increase during this season, as shown by the green bars in the graph below.

Fewer buyers are looking to purchase homes this time of year, which means the competition is lower. As a result, the homes available aren’t selling as quickly. If you choose to buy a home in the next few months, you'll probably have more time to weigh your options and negotiate a deal without the usual pressure.

Sellers May Be More Willing To Negotiate

Homes tend to take a bit longer to sell in the winter, so sellers are often more eager to finalize a deal. This can work to your advantage. According to NAR:

““Less competition can lead to better deals. While homes are not selling as fast as during the summer, sellers may be more willing to negotiate.”
”

— NAR

You have more flexibility to request what you need, whether it's negotiating the price, having closing costs or repairs covered, or getting extras like appliances included.

Homes Are Less Expensive in the Winter

With fewer buyers and sellers in the market right now, there’s a good chance you’ll find some wiggle room in negotiations, which could lead to slightly lower prices. According to NAR, homes are usually around 5% cheaper now than they are during the summer peak.

It may not look like a big change, but if you think about it, on a $400,000 house, that could translate to a $20,000 savings on the price.

You can see the anticipated seasonal change in home prices this year. Check out the graph below showing the median sales price of existing homes over the last 12 months. The green bars indicate that prices were lower during the winter months last year, and it looks like we might see a similar trend this year. This could be an opportunity for you to stretch your budget further.

Bottom Line

Buying a home in the winter can be a smart move. You’ll likely face less competition, encounter sellers who are more motivated, and may even find lower prices. I'm here to help you find the perfect home at the right price.