January may feel like a daunting time to start searching for a new home: it’s cold and snowy out, the days are far too short, and everything just seems a little more difficult because of the winter blues.
However, there are some upsides to property hunting during the first month of the new year, and if you can get on board with the not-so-great parts, you may end up with a quality property you love at a reasonable price.
The Competition is Significantly Lower
Since buyers tend to stick to warmer months to find homes, you’ll have a lot less competition during the month of January. With that, you’ll also be less likely to have to engage in any bidding wars or rush into an offer you’re not sure about because you don’t know who else is knocking on the door.
January gives you a slower pace, so you can take your time and really choose a property that’s right for you without feeling like you didn’t have the time to truly take it all in.
Sellers are More Motivated
On the flip side, sellers are likely to be more open to negotiations when it comes to price offers, a closing date, or even repairs you’d like to have done before ownership changes hands.
January is likely a time when sellers are more motivated for a few reasons: urgency to move due to relocation, fewer offers coming in, and the understanding that when there are fewer people looking, they’re not likely to be able to drive up as much interest in their property.
Market trends that showcase January being a better month for buyers also come into play in sellers’ minds, giving them the motivation required to cater more toward buyers’ needs.
It’s Better for Property Performance
Winters can be brutal, and while a sunny day and a clean-cut lawn can hide issues within the home, the cold, dark conditions synonymous with January are less forgiving.
Issues that could pop up, such as heating and insulation, ice or water issues, or accessibility, will be highlighted in January. Essentially, you’ll get to see how the property stacks up when it’s got the worst of the season thrown at it, allowing you to choose a property that suits your needs as well as passes the winter test.
More Hands-On Time with Your Real Estate Professionals
With fewer clients buying or selling, real estate agents, mortgage brokers, and home inspectors have much more time to spend on you and your needs when looking to buy in January.
This will give you a more personalized experience that makes you feel as though you truly are their number one client. They are often more attentive, less busy when you have questions, and can move faster on closings and inspections than if you were to be one of many waiting in line.
So, if you’re willing to brave the cold and darkness to search for a home in January, you can reap the benefits of an off-season property search that many others avoid.