Real estate poll results: The time (of year) to buy
Photograph of Massachusetts scene from Library of Congress collection, via Flickr
Home sales drop as the weather turns cold, but does that mean people actively dislike buying in the winter?
I asked you in the most recent Wonk poll, and some of you said yes. But -- take heart, ye would-be sellers contemplating the arrival of the slow season -- not the majority.
The most popular answer, with 39 percent of the vote, was "time of year doesn't matter to me" when it comes to buying or selling a home.
Twenty-two percent of you opted for "anytime except winter." On the other hand, seven percent prefer winter over any other season for buying or selling.
Seventeen percent prefer spring.
Ten percent prefer summer.
And five percent prefer fall.
As MrRational noted in a comment on the poll:
For those who have options... the most common of considerations are schools (at least having a contract before the school year begins) balanced against weather; to not have to do the actual move during snow and ice and cold.Working backwards from that... snoop, show and negotiate in the spring when every property will look it's best then settle and move at the end of June and be all tucked into place by August before you go to the beach.
JB commented, "Since I don't have school age kids school doesn't matter but I wouldn't move in November or December because of the holidays. Of the 2 houses that I bought I have moved in March & June."
Joseph Eamon Cummins, author of Not One Dollar More!, suggests in an online piece that winter is a good time to buy a home precisely because buyers aren't out in force. In winter's "withered leaves, patchy and lifeless grass, damp and grubby pathways, and few, if any, flowers," he sees the potential for better bargains:
In a nutshell, winter buyers recognize that negatives are often positives in disguise. And dreariness and darkness and wetness and clutter and other such enthusiasm killers can function excellently as the bases for making low offers. Then, negotiating strongly for a big price reduction.
Were you one of the few "I prefer winter" folks? What do you like about it as a time to buy or sell?
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Comments
In 1999, my husband and I purchased a home on a wintry day late in November in the D.C. area and went to settlement on a warm spring day in March. Then in 2008, we both retired, we scaled down to an apartment in Bowie, once again we put our deposit down in the first week in December and moved in on February 27. We negotiated good 'winter' deals on each occasion, guided on each step by the book you mentioned by Mr Cummins, which I found a great help and easy reading.
Posted by: May Browne | October 26, 2009 6:47 AM
"winter is a good time to buy a home precisely because buyers aren't out in force" - yeah, but neither are sellers.
From what I've seen last year, in winter the selection of homes is also much more limited. You might get a good deal, but be prepared to settle for "not exactly a dream" home. And just wait until the snow melts to see what "skeletons" might have been left by the previous owners. :)
Posted by: Jelena | October 26, 2009 2:06 PM
Yes, I was one of the few to pick Winter to buy. My 2 investment properties were both purchased at foreclosure auctions in early March.( 08 and 09 ) Less competition at the bidding. But the main reason I prefer it is by the time settlement comes you have warm weather and you can tear out the heat system without fear of pipes freezing up And doing a rehab in a cold property does not seem like a good time to me.
Posted by: Don Wilson | October 26, 2009 8:24 PM
For the average person, the spring and summer months is when you buy a home. For investors, and those looking for the best deal possible, you buy in the winter. Without a doubt, you get the best deal. It is the biggest investment you will ever make. Saving an extra 10% to 20% is well worth it. Just make sure it is a bank owned property so you can get it well below market value. Don't let the realtors fool you into buying a home listed on the MLS that is not a bank owned. Most likely, you will be paying full price. Get it at a discount and save money buying from the bank. Most agents don't want to deal with bank owned properties because they lose a big chunk of that commission. If they are an ethical agent, they do what is right for their client. It is their fiduciary responsibility to act in your best interest.
Posted by: Frank Rizzo | October 26, 2009 11:25 PM