HomeBuying in Winter
If you have held off on buying a home in the hopes that prices will drop, you might consider searching for your next home now. Realtors remind us that there can be benefits to buying a home in the winter.
No one loves sloshing through ice and snow, sleet and slush to check out houses for sale. And yes, home sales do slow down in the winter, but that can work for you.
Less Competition. Okay, I have written about this before, but this is a reminder, that when others aren’t willing to brave the elements to find their dream home, they are also not bidding on that dream house, so your offer has less competition, and becomes more attractive, even if it is lower than the asking price. So, to recap: less over-asking offers, less chance of losing the home to another buyer before you can even make your offer.
Motivated sellers. Because the selling season is spring and summer, homes listed at this time of year are usually listed by serious, motivated sellers. Buyers then, have the edge and may be able to negotiate better buying price or terms or both. Don’t forget to check the home “cumulative time on market.” Was it listed, removed and relisted? This doesn’t mean you should lowball your offer, but it does mean you may have gained wiggle room or options for terms such as leaving the appliances or some other concession.
You see the house under duress. Winter stresses homes in most climates, more than other seasons. So, go ahead, check those window or door drafts, listen to the furnace, see whether frost is forming on the INSIDE windowpanes or ice dams on the roof. Homes that look wonderful in summer might show their rougher edges unhidden by bushes, flowers and leaves.
Movers are easier to book and schedule. It might be harder to move in the winter, but movers won’t be booked as heavily as they will be in the spring and summer, and you might be able to get more flexibility in scheduling, in case of a winter storm.
Home can close faster because there are fewer other mortgages being underwritten. That means fewer delays and you can close and get into your new home sooner.
Buying a new home can be an exciting time; don’t let the mortgage portion hold you back. Visit https://PurchaseOurNewHome.com to be connected to a mortgage origination professional who will work with you to answer all your questions and home purchase mortgage needs.