Think the only time to buy a home in Edmonton is in the spring or summer? Think again! Here are seven great reasons why wintertime may be the BEST time to hit the market (seriously!).
1. Eager Sellers
We think it’s pretty fair to say that no one WANTS to move in the middle of winter (especially in Alberta). If someone has put their home on the market in thirty-below weather, you can (almost) bet they are selling now because waiting for balmier temperatures isn’t an option.
As a result, you can look forward to highly motivated home sellers who may be more willing to negotiate on sale price, terms of sale, closing date, closing costs and much more.
2. Less Competition
People aren’t just less enthusiastic to sell in the winter, they’re also less keen to buy. After all, there’s the holidays to think about, and roaming from home to home in inclement weather isn’t exactly appealing.
But the good news is, if you do decide to brave Edmonton’s sub-zero temperatures, you’re far less likely to wind up in a bidding war with other buyers (aka less stress and more money in your pocket).
3. Lower Prices
Eager sellers, in combination with reduced competition, typically result in lower home prices. Because home inventory at this time of year generally outweighs buyer demand, home sellers are often forced to reduce their listing prices to attract attention. Simply put, homes for sale during the winter are priced to sell and may even be subject to even further negotiations (especially with the right REALTOR® on your side).
4. No Hidden Surprises
We keep bringing up Alberta’s harsh winter weather – and for a good reason. Our chilly temperatures are incredibly hard on a home’s systems, including your heating, plumbing, windows, insulation, roof and more. Shopping for a home in the winter gives you the unique opportunity to uncover cold-weather related issues before you buy (and with winters in our province lasting no less than five months a year, this is a HUGE bonus).
5. Increased Flexibility
Speaking of weather-related issues, buying during the winter also puts you in a better position to negotiate with sellers. Should an inspection reveal anything wrong with the home, you’ll have more clout when it comes to either a) making sure all repairs are addressed ahead of time or b) reducing the sale price of the home to cover any associated (repair) costs.
6. Better Buyer Contingencies
Did we mention repairs might not be the only thing you’ll be able to negotiate? Here again, because wintertime sellers are more motivated to strike a deal, they may agree to a variety of other favourable buyer contingencies such as financing, the sale of your previous home, possession date, reduced closing costs and much more.
7. Closing Times are Faster
When the real estate market slows down, so do wait times. Mortgage brokers, home inspectors, contractors, banks, lenders, even moving companies all see a reduction in home buying and selling activity. This means appointments are easier to book, loan processing times are faster and closing on your new home will go much more quickly and smoothly.
Are you thinking about buying a home in Edmonton or the surrounding area? Click here to explore the latest listings in the capital region, and don’t forget to check out my top home buying tips.
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Posted by Kevin Klein on
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