Benefits of Buying Real Estate in the Winter
There are many benefits of buying Chicago real estate during the winter. We all know the real estate market is slower in the winter. People travel for the holidays, the weather is getting colder and many just want to go into hibernation for the winter. However, this opens opportunities for both buyer and sellers to get a deal done.
You may be able to negotiate a better deal:
There’s less foot traffic and competition in the winter. As a buyer you may have more space to negotiate. Also, people who tend to list in the winter months are typically more motivated to sell. So if you find the perfect fit don’t hesitate. Just make sure you have great representation in order to close a great deal.
Your inspection may uncover potential issues otherwise not seen during summer.
The winter weather, while harsh, may reveal issues that otherwise go undetected during the summer months. Drafty rooms, HVAC issues and insulation issues, amongst other things, are more apparent. This allows you to negotiate a better deal or a credit at closing. You’ll also be able to get these items fixed either prior to closing or when you move in.
You may be able to close quicker.
The winter months are slower for your mortgage broker too. Therefore they are able to process the paperwork more quickly, so you may be able to close quicker than you otherwise would.
You may be able to find a contractor more easily.
If you purchase a home that you want to remodel it’s often easier to find a contractor with immediate availability. During the spring and summer months contractors are booked up quickly and have long wait times. The benefit of buying and embarking on a remodel during the winter is that contractors may have soon if not immediate availability to get your project underway.
As you can see there are many benefits of buying Chicago real estate in winter. If you find yourself debating a winter purchase, don’t hesitate to hit the ground running and set up showings. Get great representation (that’s where we come in!) and start the home buying process today!