Most homebuyers begin their search for Irvine homes for sale in the spring or summer, the busy season for home sales. While it may be more pleasant to shop for a home while the weather is especially warm, there are plenty of good reasons to buy during the winter. Even in warm climates, winter is the slow season for home sales and the best time to get a good price. Here are 4 reasons to buy your home during the winter.
1. Reduced Competition
Most people shop for a home during the spring and summer. By shopping during the winter, you will have fewer buyers to compete against. With less competition, there is a less chance that there will be multiple offers on the home you want to buy.
2. Sellers May Be More Motivated
The low sales activity in the winter may mean sellers are more motivated. It’s usually during the winter months when sellers are more willing to negotiate on closing costs, sale terms, and price. This is why Irvine real estate agents often recommend clients wait to list their home in the spring.
3. Mortgage Processing May Be Faster
Buying a home in December, January, or February may get you a faster closing than if you buy during the summer or spring because mortgage lenders are underwriting fewer loans. Your loan may be approved and funded faster to give you additional leverage during negotiations with sellers who want to close quickly.
4. Home Prices Are Lower During the Winter
While many factors affect home prices, the nature of supply and demand means winter buyers can expect lower prices. With fewer buyers, less competition, and lower inventory, home prices tend to decline from December through February. This is why housing indexes tend to provide seasonally adjusted prices. This phenomenon is seen across the United States, even in areas like Irvine and Los Angeles where summer and winter are sometimes one in the same.
Most buyers don’t view winter as an ideal time for buying a home. This gives you an advantage as a homebuyer as you can snap up a deal and come out ahead during negotiations without facing a dreaded bidding war on the home of your dreams.
If you’re thinking about scooping up a house for sale in Irvine, don’t miss this ideal buying window. Give us a call at (714) 454-6304 and schedule an appointment today. You can also check out our inventory of available properties online.