I know, I know, you are super swamped with the holidays. From parties to gift buying and decorating the tree to spending time with family. Not to mention the additional expenses that the holiday season brings us. All of these reasons might deter anyone from buying a home in the winter. But the reality is, that buying a home in winter may save you money.
Home Prices Are a Steal
In spring of the following year, many homes are generally priced 2- 3% higher than the previous year. In some years, there are home price increases as high as 6%. So buying a home in winter starts with a home price savings. It is almost like you are at the store and getting the sale of a lifetime. What better way to know that you can save money on a large ticket item like a home. A 2-3% savings can really add up on a home sale!
Mortgage Rates that Work for You
Mortgage rates are at an all time low. Lower mortgage rates give you an opportunity to save money on your monthly spend. The savings continues by taking advantage of these mortgage rates now.
Putting a Value on Your Time
Your time is valuable and managing your time during the home buying process can be exhausting. Searching for homes, contracting once you find the home you love, selling your own home, and finally signing the paperwork and closing the deals takes a lot of time. During the winter months, many homeowners are busy and looking for ways to close home sales quickly. Whether to move on to the new home or to manage their year end tax situation. In winter months, homes close faster than in other seasons. Thereby making your time more valuable and spending your time more efficiently when buying a new home.
A Well Working Home Reduces Expenses
With any home it is important to make sure the home’s equipment and appliances are working properly. In winter months, you can check to make sure these systems are working. For instance, winter months are usually cold. Cold weather gives us the ability to use our heating systems and our fireplaces. If this equipment is operating properly, then that could reduce expenses of buying this well working and performing home. Checking other areas like roofs, gutters, yard grading, walls of the home to make sure the home is in pristine shape could prevent unexpected expenses that would require home maintenance or construction work to repair. The last thing a homeowner wants in the winter months is a big expense to replace a home’s equipment like a brand new heating air conditioning and ventilation system because the home is too cold or a hot water heater because your showers are freezing and completely uncomfortable.
Less Competition From Other Buyers
With fewer people buying houses in winter, less competition for the homes will exist. And in high value areas, sometimes bidding scenarios exist during traditional home buying seasons which prolongs the process for buying a home and results in potentially overspending on a home. Ever catch yourself at an auction? You just need that item and the bidding starts and your competitive streak is in full bloom. So you get that great piece of artwork only to get home and you do not love it. So now you not only wasted your money, you wasted more of your time when you could have been at a cool holiday get together.
Learn to Navigate the Home In Winter
Winter can be tough on a house and the environment around the house. Checking out a house in winter can also show you where you will park and how you will get in your front door is snow is in your area. Maybe there is only street parking, how does this work for your home’s residents? Maybe your Christmas list needs to include a snow blower to clear away your driveway. Keeping these situations in mind will help understand more about the home in harsher conditions.
Your Real Estate Agent has More Time for You
Maximizing your time with your real estate agent in winter is easier to do then in spring and summer months. With less clients in winter, agents have more time to devote to you and your needs. This gives you some more efficiency and you will see the homes that you love and not miss any to preview.
With all these great incentives, winter is not such a bad time to consider buying a home. If you like this post, please share it with your friends and family! They may be in the market for a new home!