Buying a home in the winter seems wrong.
It goes against everything we've ever been told about real estate, which is that the spring and summer months are the hottest for buying and selling.
But this is exactly why buying a home during the winter is such a great strategy. Especially in Maryland and Washington, D.C.
Since Maryland and D.C. have distinct seasons, their real estate markets fluctuate enough to make a big difference when you're buying a home. So, if you're thinking about moving, consider these advantages of buying a home during the winter in D.C. and Maryland.
Less Competition from Buyers
It's well known that Maryland's real estate market quiets down in the winter time.
Families often buy homes in the summer to beat the arriving school year and all other buyers simply don't want to view homes when the weather is below freezing.
This leaves the winter time pretty dead as far as real estate goes.
So, if you're planning on buying a home in Maryland or D.C., do it during the winter when all other buyer competition has left the scene.
Low competition from other buyers means that seller's will be more interested in the offer you present. Sellers are less likely to have other offers to consider, making yours extremely attractive.
Also, little to no competition means it's unlikely for there to be a bidding war between buyers. Because of this, prices won't be driven up beyond the asking price.
Sellers are More Motivated to Sell
It's almost common knowledge that it's best for seller's to put their homes on the market during the spring and summer because of the higher volume of buyers and because homes generally show better when the weather is nice.
When you sell in the winter, these factors are the opposite—there are fewer buyers and homes don't show as well.
These facts leave sellers much more motivated to sell because the market is bleaker than it was in the summer.
A market filled with motivated sellers is a buyers dream and a motivated seller is more likely to accept an offer that is below asking price because they simply want to sell their home as quickly as possible.
Thinking of buying or selling a home in Maryland and D.C.? Reach out to one of our local agents. At Northrop Realty, we have several offices throughout Maryland and agents located all across the state.
Homes Prices in Maryland Plummet
Since the spring and summer are hot times for the real estate market, homes generally sell high. This is because there is more buyer competition.
Maryland sees an uptick in its real estate market around the month of May, but it sometimes starts to pick up as early as March and April.
Studies show that this seasonal fluctuation affects the price of homes in Maryland by up to 10%. Market's like Baltimore's have seen real estate prices increase by 15% in the spring.
Although these percentages seem small, they make a huge difference when working with a few hundred thousand dollars.
Home prices in Maryland drop significantly during the winter, making it a far more affordable time of year to buy a home.
Faster Buying Process
Because there aren't as many homebuyers on the market during the wintertime, the buying process generally moves a little faster.
There aren't as many home deals being arranged by realtors, lawyers, and bankers, meaning your paperwork can typically move through these processes faster than in the spring.
This means that you won't have to wait forever for the deal to go through once you've chosen the home of your dreams.
You Can Check the Home's Insulation First-Hand
Washington D.C. and Maryland both have a rich history that dates back hundreds of years. Since the state has been around for so long, it's common to find old homes that predate the 20th century.
Although these older homes have outstanding charm, they oftentimes lack in insulation. To get the best sense of how effective the home's insulation is, view it during the winter time.
Maryland gets cold during the winter. In some areas, the temperature drops as low as 21 degrees. This extreme cold truly puts homes to the test on whether or not their insulation is strong enough to keep the cold out.
Also, in the winter, you can get a sense of how much the utility bills are going to cost on a monthly basis.
You'll Know The Local Road Conditions
While most of the major highways in Maryland are fairly well maintained, there are some local roads, particularly in small towns, that can be a bit difficult to drive on during winter months. Specifically, towns in the more mountainous terrain of Western Maryland can cause challenges for some drivers in the winter time, due to the hills that certain homes are situated on.
If you're considering buying a home that's located in a town that you're not as familiar with or if your potential new home is on, or near, a hill, it's always beneficial to get a feel for the winter road conditions first-hand.
After all, if your daily commute is going to be significantly impacted by road conditions for a quarter of the year, or perhaps even longer, you should know just how big the impact will be before you make the decision to buy a new home.
Are you thinking about buying a home in the winter in Maryland? Contact Northrop Realty for expert real estate advice.