Winter Is The Perfect Time To Buy Property – Here’s 5 Reasons Why
In the real estate industry, spring is widely accepted as the time to buy and sell property. This, of course, makes spring the most popular time of the year for real estate. While the spring season may bring new properties on the market, however, the warmer weather often means busy inspections, longer waiting times on loans, and finding it harder to get the right professionals on board with your buying journey.
Simply starting your property hunt a month or two before spring hits can be the difference between landing your dream house or fighting your way through the spring crowds. On top of that, there are a few more reasons why your search for the perfect house for sale in Hoppers Crossing should start in winter. We’re running through them in today’s blog.
#1: There’s less buyer competition
The biggest advantage of buying property in winter is a lack of competition among other buyers. Although less buyer competition means you have to get out into the cold, a less competitive market results in fewer bidders in the race. At the end of the day, this means you’ll have a much better chance of buying a property if it’s the one you’re really after.
#2: Lower prices and more lenient sellers
While it’s true that there are fewer houses on the market in winter, it’s also true that supply still exceeds demand at this time of year. This can influence sellers to be more flexible on price, especially if the house has been on the market for a few months already.
In light of the recent federal election, you’ll also find that some private and small lenders will be able to provide loans on a 95% loan-to-value ratio, meaning you may be able to purchase property with a 5% deposit. This is part of the new First Home Loan Deposit Scheme, and could mean you move into a home a lot quicker than you would have previously.
#3: More accurate inspections
One of the areas of the property buying process that the cold weather has a prominent impact on are open inspections. After all, not many people truly want to venture out in the cold, wind and rain to inspect a house. To this end, this is the reason most people choose to wait until spring when the weather is calmer and warmer.
Fewer people at open inspections is, however, a great opportunity for you to snap up. It means you’ll be able to spend more time in each room of the house, and you’ll be able to get a closer look at any potential issues there may be. Plus, the colder weather will give you a good indication of how the winter conditions affect the house. Pay extra attention to:
- The windows and doors – does warm air stay inside or do draughts make it chilly indoors? Is there enough sunlight filtering in to combat the potential risk of mould growth and dampness?
- Drains and driveways – does water drain correctly, or does it pool in certain areas?
- The heating system – is it effective or will you need to spend money to fix it?
#4: The buying process can be faster in winter
Fewer people buying homes means fewer people in need of a mortgage broker, and this can potentially speed up the logistics of your real estate journey significantly. You may experience shorter wait times and you may be able to close a loan much quicker, meaning you could be moving into your dream home far sooner than you would be in a busier season.
#5: Real estate professionals will be able to devote more time to you
In spring, real estate agents and movers often have schedules that are difficult to adjust due to an increase in demand for their services. This is a different case in winter. In fact, it’s almost the opposite in the colder months; you may even find that realtors are able to devote extra time to help you achieve your dream property purchase. If you do happen to find the perfect house for sale in Hoppers Crossing or anywhere else in Melbourne, you’ll learn that hiring movers is also easier in winter when they aren’t fully booked.
Searching for the perfect house for sale in Hoppers Crossing?
No matter what time of year you decide to commence your property journey, the team at Red23 Real Estate will be there to support you fully. Our real estate agents are dedicated to providing expert guidance to our clients, so even if you’re a first home buyer, you’ll have full confidence in us when you are looking to buy a house for sale in Hoppers Crossing.
To enquire about a house for sale in Hoppers Crossing that’s right for you, get in touch with a Red23 real estate agent today on 03 8372 2122.