If you’re thinking of making a home purchase, you may believe that the best time to do so is in the spring and summer seasons. When the temperatures drop and you’re recovering from the bustle of the holiday season, the last thing on your mind may be house hunting. But braving the cold and making a winter purchase can have several advantages.
Fewer Buyers in the Market
Because moving in the summer is more desirable than the winter months and families with school-age children are on a September to June cycle, less buyers flood the winter market. Fewer buyers mean less competition and less likelihood of multiple offers on a seller’s plate.
Though home buying in the spring and summer months allows you to view a home at its peak curb appeal, winter buying may help you determine the functionality of the home during the colder months. Did you feel cold while viewing the home? Were there any areas that felt drafty? Is there a functioning fireplace that would offset heating costs?
Prices May Be in Your Favor
Depending on your market, you may find a home at an exceptional price. When supply exceeds demand, home prices are more likely to drop.
The low activity in winter months can result in more motivated and negotiable sellers. If and when you find a home you wish to place a bid on, sellers may be more flexible in negotiating terms such as selling price, closing costs, closing date or even terms of the sale, including appliances and other items of the buyers’ interest.
Depending on the market you are searching in, winter can be a great time to buy. Contact one of our mortgage bankers to begin the process of your loan for your home purchase this winter or to prepare yourself for spring home buying.
Interested in making a purchase this winter? Our Mortgage 101 Handbook is a great go-to guide for first-time and repeat homebuyers.