A recent study from Attom Data Solutions showed that the best time to buy a house to save (up to 7.4%) was in the winter months and buyers who closed on the day after Christmas realized the greatest below-market-value discounts of any other day of the year. Here’s why:
1. Less competition
Most buyers prefer to visit prospective homes in the warmer months of May, June, July, and August, which account for 40% of home sales. For the convenience of warmth—and the increased competition for available inventory—you may pay more than 7% higher for a home during these months.
While January and February make up less than 6% of sales, less competition may translate into more negotiating power for the Philly home buyer.
2. Motivated sellers
Sellers listing their homes in the winter often cannot wait until the warmer months when they can make a higher profit. For one reason or another, they need to sell now—empowering you with more leverage in your offer.
In addition, if a Philadelphia home is still lingering on the market from a summer listing, the seller may be more willing to accept a lower offer or give concessions, like assisting with closing costs.
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