The Chicago winters are a great time to bundle up, prepare for the holidays, and enjoy the plenty of restaurants. This season also makes for a fantastic time to buy or sell a home in the Windy City.
Buying or selling a home in the winter proves to be a smart move for both parties, and the Luxury Living team is here to tell you why.
Whether you are in the market for your first house or a new place to call home, consider buying your dream place in the winter.
Although winter may not be the most popular time to house hunt, this proves beneficial to buyers. The winter season provides the most affordable time to close on a new place.
With fewer people shopping for homes during the winter, competition is limited. This minimized competition means lower demand, which also helps keep the housing prices down.
Not only are there fewer buyers during the winter, but there are also fewer houses on the market. While this reduces buyers’ options, it helps keep the listing prices down.
Also, be aware that purchasing a house at the end of the year will provide significant tax benefits. If you close on a house before the new year, you can deduct closing costs, mortgage interest, and property taxes. Additionally, interest rates are generally lower before the new year.
The winter also makes for an ideal time to sell your property.
With a smaller pool of houses for sale during the winter, sellers have less competition as well. Naturally, with less competition, homes can be listed and sold for higher prices than during busy seasons.
A study conducted by online brokerage Redfin found that average sellers net more above asking price during December, January, February, and March. The same study also revealed that homes listed during the winter months sell faster than those listed in the spring.
Moving in the winter is a wise financial move, but it may also present some challenges.
To alleviate some of the stress associated with the Windy City winters here are a few moving tips:
Don’t let the cold keep you from buying or selling a home in the winter. Get in touch with a broker and begin the process today!
Get in touch with Luxury Living Chicago Realty 's team of experienced licensed real estate brokers and take the first step in buying or selling a home in Chicago.