Navigating and predicting the housing market is no walk in the park. From plummeting interest rates and a home-buying frenzy during COVID-19 to today’s peak interest rates and ultra-competitive market, deciding when to buy a home can feel like a lose-lose situation. The current market isn’t great and it might be worse later. While there’s no perfect time to buy or sell a home, some seasons are better than others for market availability, negotiation leverage and moving logistics.
GOBankingRates spoke with Alexei Morgado, real estate agent and founder of Lexawise, to uncover why winter is the worst time to buy a house. Here are five reasons to avoid buying a home during the colder months — and the headaches that come with navigating the housing market at this time of year.
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Limited Inventory
When snow starts falling and temperatures drop, most Americans are content with curling up by the fire and enjoying the season’s nostalgia at home — leaving house selling and shopping low on the to-do list.
“Many sellers prefer not to list their homes until spring, so this decreased inventory can make it challenging to find a home that meets all your criteria and has fewer options, thus forcing you to make hurried decisions,” Morgado said.
If you’re looking for specific features like a large yard, a particular neighborhood or proximity to a good school district, winter’s limited inventory might leave you compromising on priorities.
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Reduced Negotiation Leverage
Fewer homes on the market during winter often shift favor to sellers over buyers.
“Since inventory is lower, any well-maintained and attractively priced home may still have more than one buyer,” Morgado said. “This competition can lessen the possibility of securing substantial price concessions since the home sellers know they may have other interested parties.”
Additionally, sellers listing during the winter months are often motivated by necessity, which means homes are priced more competitively. This leaves less room for negotiation, even when the market appears slow.
Increased Inspection Costs
Snow and ice on the roads, holiday season delays and general winter obstacles, can make inspections or repairs more costly and time-consuming.
“Due to the cold weather, it may be more complex and expensive to check the condition of the heating systems, roofs and plumbing in houses in cold-weather locations,” Morgado said. “And be prepared for weather-related expenses that may not be front of mind in other seasons. Think snow removal, heating and possible repairs due to winter wear and tear.”
Certain inspections, like HVAC evaluations, can also be tricky in winter. HVAC systems can’t be effectively tested below 60°F, which can result in improper assessments — and surprise repair costs later when temperatures change.
Weather Limitations
Winter weather can conveniently mask potential property issues, making it harder to fully assess the home.
“It’s more difficult to assess exterior features when it is cold outside,” Morgado explained. “If a home has a pool, garden or significant landscaping, it’s practically impossible to make judgments about its condition once everything is winterized or buried under snow. You may not be aware of any problems with the pool until spring or if the garden you were expecting will need to be replaced due to winter damage.”
These hidden issues can result in costly surprises when spring rolls around.
Logistical Challenges When Moving
Moving is already a hassle, but snow, ice and freezing temperatures can add extra challenges to the process.
“Snowstorms or icy roads may hinder movers, contractors or utility setup, leading to extended timelines for settling in,” Morgado said. “Not to mention that the days are shorter and there are many holidays in winter, such as Christmas, Thanksgiving, New Year’s Eve, etcetera.”
Winter moves may also come with higher moving costs, as companies factor in the challenges of operating in cold and icy conditions.
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This article originally appeared on GOBankingRates.com: I’m a Real Estate Agent: 5 Reasons Winter Is the Worst Time To Buy a House
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
