Advantages to Buying a Home During Winter Months
An analysis of sales statistics shows that central Ohioans get a better deal buying a home in the winter, rather than the summer. The median sale price of a central Ohio home in the three winter months averaged $130,630 over the past five years compared with $156,201 during the summer months. The average price per square foot dropped from $96.81 in the summer to $82.36 in the winter.
Another advantage is that a deal is likely to close more quickly because lenders, title companies, appraisers and others are not as busy during these months. This is fortunate for anyone who is trying to move quickly through the buying process. Central Ohio home sales, along with those nationally, drop precipitously during winter. During the past five years, an average of 1,456 Columbus-area homes sold during the three winter months, compared with 2,559, during the summer months.
Why are the prices lower in the winter? People marketing homes in the winter often must sell, experts say, and therefore tend to be receptive to offers, especially with fewer people buying homes during this time. If a home is on the market over the holidays or middle of January, a person typically has to sell it, limiting negotiating leverage. If seller do not have a specific timeline, then they will hold out till spring or summer when the market is better.
The advantage of buying in the winter has risen as the housing market has recovered. If you are looking to buy during these winter months or any month we want to help! Contact us here today.
