Why Should You Should Buy a House in Winter: 5 Great Reasons
Winter is here and if you’re living in Mitchells Plain or anywhere around Cape Town for that matter, then you probably think that this is the worst time of the year to look at houses for sale. After all, with gale-force winds and showers that last a week at a time, who really wants to go outside to view a house, let alone move house in these conditions, right?
Well, this is also the reason why winter is such a great time to buy a house. In fact, there are 5 great reasons to buy a house in winter.
1. Motivated Sellers
Winter is just as uncomfortable a time for sellers to move house as it is for you. After all, we’re all subject to the same elements. So why then, are they selling their houses this time of the year?
In many cases, the answer to this question is, ‘because they have to’. Maybe they have received a transfer and need to move soon, or they have purchased another house and need to sell their home in a hurry. Given the current economic climate; for many it is because they simply cannot afford the repayments on their house anymore and if they don’t sell it quickly, they are going to lose it.
So why is this good for you? All the reasons listed here make for motivated sellers that need to sell soon. This means that they are going to be more open to negotiation and will consider lower offers that unmotivated sellers would scoff at.
2. Fewer Buyers
Like you and me, most people really don’t find winter the best time to move house. So there are fewer buyers in the market during winter. Fewer buyers means less competition and consequently, less chance of somebody else making a higher offer than you.
3. Banks Have Fewer Home Loan Applications
Fewer people looking to buy houses means banks are receiving fewer home loan applications. This could be beneficial to you for 2 reasons:
Firstly, there is a better chance of a smooth process from the bank’s side since the same administrator is processing fewer applications.
Secondly, banks still need to achieve financial targets in winter, so there is a chance that they might just be a little more lenient on home loan applications than what they would be in summer when achieving there target is almost a certainty.
4. Discounts From Moving Companies
There is no doubt that moving companies feel the effect of winter on their turnover. So chances are very good that you should be able to find a moving company that is offering a special. If not, you may find that you are able to negotiate a discount without too much effort.
5. Estate Agents Are Less Busy
Last but not least, less people looking at houses for sale in the market means that estate agents are often not as busy as they might be in summer when the market picks up.
Consequently, they have to work harder to earn the same as they would earn in summer. They don’t have the luxury of choice when it comes to buyers, so you can be sure that they are determined to negotiate a workable deal for you.
So as you can see, while winter may not be the most comfortable time of the year to buy a house, there are certainly some very good reasons to consider doing so this winter.