Spring and summer are the most popular times to look for a new home, but that doesn’t mean you can’t buy a home during the winter. There are many benefits to buying a home during the winter months that you may not have guessed. Sellers are usually more eager to sell their home during the winter, so you may benefit from a lower price. Expect mortgage rates to increase after the winter. Right now mortgage rates are still low compared to rates in past winter months.
During the colder months in the northern half the US, there are fewer buyers willing to travel to open houses than in the spring or summer. Hot real estate markets known for bidding wars and multiple offers tend to cool down when the weather gets cold. Less competition means you’re more likely to get the home of your dreams instead of losing it to someone else.
If a seller is willing to prepare their home and open it to potential buyers during the winter months, then they are motivated to sell quickly. Sellers with busy schedules that have already moved do not want to hold on to a home during the winter months. Buyers benefit greatly from a lower price on a home in situations where the seller doesn’t want to continue paying for the upkeep and mortgage of the home.
Affordable Moving Costs
Scheduling time with different vendors, movers and contractors may be easier in the wintertime than during the spring or summer. There is a lot more flexibility with their schedules because they aren’t as busy helping others move during the boom of spring and summer. Movers also may be open to negotiating prices – it doesn’t hurt to ask.
When you are searching for a home during the summertime, you don’t get to see the condition of the house in extreme weather. If you are searching during the winter, you can see how the home’s heating, plumbing, roof, doors, windows and insulation perform when put to the test. If there are any noticeable problems or concerns, take advantage of your negotiating power as a buyer.
If you are currently house hunting or looking to refinance during the holidays season, get a free rate quote to estimate your monthly payments and connect with one of our dedicated mortgage advisors. Don’t do mortgages like your parents did. Do it digitally, with vLoan. Follow @vLoanMortgage on Facebook, Twitter or Instagram to keep up to date with our monthly campaign #HomeForTheHolidays.