Explore Why Winter May Be the Best Time to Close the Deal on Your Dream Home.
Snow-covered ground, quiet streets, and leafless trees are classic images of wintertime in the Hamptons. This picturesque scene isn’t what you’d normally expect when you think of the seaside resort, which is known for its , bustling crowds, and active . The Hamptons is a renowned destination for visitors and homebuyers alike. While spring and summer mark the high season for tourism and real estate deals, potential buyers should consider the benefits of buying during the .
You may be surprised at these four unexpected advantages.
1. Drastically Reduced Competition
If you’ve been researching the ins and outs of real estate, you’ve probably come across advice regarding purchasing during spring and summer months. These are the prime seasons for buying and selling, with the majority of the activity taking place in the middle of the year. However, there are many ways this reverse effect can work in your favor.
During winter months, the Hamptons’ homebuying scene sees far fewer shoppers. Ultimately, this reduces the probability of encountering a multiple-offer situation with other bidders interested in the same property. Because of this, you can go through the process relaxed without added external pressure. When you find your perfect home, there’s less of a chance that there will be competition.
2. Deals Can Close Faster
Another benefit of winter goes hand-in-hand with it being the slow season. Due to the usually low frequency of sales, you’ll most likely get your loan quickly from your mortgage broker. During the high season in spring and summer, brokers can become busy and get backlogged for days. This wait time is not ideal, especially when your closing depends on your expected loan. During winter, the workload of your lender will probably be much lighter--another perk of being one of the few browsing the market.
3. Early Bird Deals
If you compare year-round listing prices, you’ll observe a yearly reduction during the winter. Since winter is generally the slow season, the real estate supply exceeds the demand. In order to make up for this disparity, prices can often drop significantly. When this occurs, shoppers are more likely to get a better price.
4. The Position of a Seller
Sometimes life puts us in situations we couldn’t have predicted. In this case, you can consider all the reasons why a seller could be motivated to let go of their property. Whether a new job offer is prompting a sudden relocation or they are going through large lifestyle shifts, there’s always a possibility of unknown elements motivating the seller.
Regardless of the circumstances, the winter season generally elevates buyers to a more powerful position. Agents know that the slow winter months cause sellers to be more open for various negotiations. Be it appliances, price, closing date, or other terms of the sale, sellers are placed at an overall disadvantage. In the winter, you’re more likely to get the home you want on your ideal terms. Make sure to speak with a trusted Hamptons and East Hampton real estate agent for the best advice.
If you’re considering buying a , please don’t hesitate to contact me. I’d be happy to help you find your perfect home at any time of year.