5 Reasons Why Winter Could be the Ideal Time to Buy a Home in Chicago
When it comes to seasonal home selling trends in Chicago, there are a few compelling reasons to consider purchasing a house when the weather is cold, just in time to enjoy restaurant week at your favorite Michelin rated restaurant. These five reasons could help convince you that now is a good time to buy a house in Chicago.
1. Reduced Competition
Winter weather tends to deter many potential buyers, leading to significantly fewer homes on the market. In fact, the months of May, June, July, and August makeup over 40% of existing-home sales, while January and February typically have the least amount of homes sales. This translates to less competition for those who brave the cold. Fewer buyers mean fewer all-cash, over-asking offers, making traditionally financed offers more appealing and increasing your chances of securing your dream home.
2. Evaluating Home Condition
Winter provides a unique opportunity to assess a property's condition under adverse conditions. Elements like drafts and insulation efficiency are more evident in the colder winter months. Winter is the time to test the furnace's ability to keep you warm and evaluate any potential issues, such as difficult-to-shovel driveways or ice dams on the roof.
Positive Aspects of Winter Home Inspections
One significant advantage of scheduling a home inspection in winter is the opportunity to assess your heating system's performance and examine your home for drafts and insulation issues. It's always prudent to identify and rectify air leaks, as they can result in high energy bills year-round.
Excessive condensation on your windows serves as an indicator of ventilation problems that warrant repair or replacement. A seasoned home inspector possesses the expertise to spot telltale signs of leaks, gaps, and other potential concerns.
During a visual inspection of the roof, areas where snow has melted are clear signs of heat escaping from your home. Additionally, a blanket of snow makes it easier to detect any framework sagging.
The presence of icicles or ice dams signals clogs in your gutters, and if these issues are apparent, it's likely time to enlist the services of a gutter and drainage specialist. If you come across damaged or frozen pipes, it's a significant warning sign that calls for the immediate attention of a plumbing expert.
Throughout the winter months, your property's foundation undergoes a cycle of expansion and contraction as the ground freezes and thaws. This natural process tends to highlight cracks and weak areas. Given that your foundation is arguably the most crucial component of your home, addressing these red flags promptly can save you from potential costly problems in the future.
3. Easier Moving Logistics
Chicago Movers During Winter, Ben Lalez Team Compass Real Estate
While moving in winter isn't a breeze, logistical aspects are more straightforward because you're not competing with numerous other households. Movers are less booked than in the spring and summer, potentially allowing for lower prices. Be flexible with your moving dates, though, as weather can disrupt plans.
Tips to Prepare for Challenging Weather Conditions During Your Chicago Move
Check the weather forecast for your moving day. Even if the weather is less than ideal, local moving companies are equipped to handle it, so your move won't be canceled.
Clear the pathways around your home and the pathways of your new home. A snow-covered sidewalk or walkway can pose safety hazards and slow down the movers, increasing your moving costs. It's best to shovel and salt the paths in advance to ensure a smooth and efficient winter move.
Check your local Alderman for any required permits and snow removal schedule This will help you plan for when your street and alley might be cleared if snow is expected on your moving day.
4. Last-Minute Tax Savings
Buying a home in winter can yield tax benefits, especially if it's your first home purchase. You may enjoy extra months of potential tax deductions, including mortgage interest, taxes, and points, which can be used as write-offs for your annual taxes. Consult a professional to understand the impact of tax laws in your area.
5. Faster Closings
During the busy spring and summer months, mortgage brokers may face significant delays. However, the holiday season sees a slowdown of 25% to 30% in wait times, leading to quicker loan closings. This expedites the overall home buying process.
Buying a home during a Chicago winter may not be the conventional choice, but it offers several advantages; Reduced competition, motivated sellers, a more accurate evaluation of the property, smoother logistics, potential tax savings, and faster closings make it a compelling option for savvy buyers. So, don't discount the winter months when considering your next home purchase—they might just be the perfect time to find your dream home.
