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Buying A New Home In Winter 5 Reasons Why Buying Offseason Is A Great Time
Dated: January 16 2018
Spring and summer are the most common times of the year to buy or sell a home. Being the “most common”, however, doesn’t mean you can’t or shouldn’t make a move in the winter. In fact, there are some very good reasons for buying a new home in the winter.
Here are 5 reasons why buying off-season is a great time!
#1. Fewer buyers = Less competition
It’s true that many people dismiss the winter as the less desirable time to buy a new home. That just means there are fewer buyers out there competing with you. While the inventory is not as broad as in the warmer months, you still have a good selection. Once you find the home of your dreams, you’re more likely to have your offer accepted when the competition isn’t as heated.
#2. Less competition = Better buying power
Slower buyer traffic gives you another edge. Sellers may be more likely to bend to your bargaining when the supply is higher than the demand. You might negotiate a better price, closing costs, or other terms of the sale that lean in your favor.
#3. Sellers are motivated.
Given the opportunity, sellers will often wait until the warmer months when buyer traffic is more active. If they have chosen to sell their home during the winter, the reason could push them to act quickly, such as relocation, financial problems, or a divorce. Knowing the seller’s circumstance can help you determine how anxious they are to sell quickly.
#4. Winter is a good test of a home’s structural condition.
When the sun is shining on a warm spring or summer day, you can see how your home could be in beautiful weather, but what about when there’s snow on the roof and the driveway is icy? How can you determine if the house is well-insulated when the temperatures don’t put it to the test? By house-hunting in the winter months, you see your potential new home under the toughest conditions.
#5. Interest rates are low.
Mortgage rates have been inching higher, and this trend is expected to continue, along with appreciation in of home values in the housing market. These market conditions indicate that the longer you wait, the more you will pay for your new home.
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