Buying a Home in a Winter Wonderland…
The mercury is dropping and snow threatens to slow your commute…it’s winter! Many buyers decide to pause their search, or start looking for their new home in the Spring, but winter is a great time to buy a home — especially in early 2018. (Read my predictions on the 2018 housing market to see why!)
As a Realtor, I’ve heard a few buyers complain about searching for homes in the winter. It is cold outside, you do have to bundle up, and wear your snow boots — but winter buying saves you money! Check out a few reasons why buying a home now, can save you money:
If you’re able to brave the weather, buying a home in the winter will help ensure less competition among other buyers as you negotiate your new home.
You could get a great deal on your dream home! Ok, think back to your high school economics class on supply and demand. If the demand is low, the price of the supply fluctuates and usually it goes down! Additionally, many sellers with a home on the market in the winter are more willing to make a deal!
You’ll know just how the home handles cold temperatures and winter conditions. Old, drafty windows and a heating system on the fritz are easy to spot, or feel, when the weather outside is “Hoth-like”. A buyer that has this type of information will be able to make a more educated decision on a home.
Interest rates WILL go up the longer you wait in 2018. There will be at least one, if not two major increases in interest rates in 2018. So, buying in the winter works to ensure you get the best interest rate possible. Rates are and will remain historically low, but you still want to get the best rate you can! If you’re thinking of buying a home in 2018, now is a great time to talk to your mortgage lender.
Lastly, everyone is less busy in the winter, including your Realtor and Mortgage Lender. You won’t have to wait to go see homes and get your loan documents processed.
Overall, winter is a great time to buy, but just to be fair I’ll quickly outline a few of the downsides in buying in the winter:
- There are usually fewer homes on the market in the winter.
- You won’t be able to see all yard if there is snow on the ground.
- Once you buy, utilities will be more expensive as it normally is in the winter.
- The holidays will limit your time to search for a home.
- Winter means shorter daylight…so your time to search is also limited.
So, if you’re thinking of making a move in 2018 don’t wait until Spring — buy now!