For most people, the winter means decking the halls, not buying new ones. It’s easy to have a picture perfect image of looking for homes in sunny weather, but there are actually some immense pros to buying a home during the winter months. Plus, doesn’t the holiday spirit motivate you to treat yourself a little? Here are some of the best reasons to buy a home during the winter months.
1.) Less Competition
In today’s competitive market, bidding wars run rampant. When lots of people are bidding at once, sellers tend to hold off and wait for the best offer. In the winter, they may be anxious to sell sooner than later, so you might also get a better price than busier months. It’s a win-win situation for everyone.
Piggybacking off of less competition, you can potentially save a lot of money buying in the winter. Because real estate is a “supply and demand market,” you can find good deals when no one else is looking. A little savings on an interest rate can go a long way, too. Anishka Seker, Financial Adviser on NerdWallet gives the following scenario:
“Let’s say you’re buying a house with 6 percent closing cost and a 30-year mortgage with a 3.25 percent interest rate. If your house costs $500,000 as opposed to $550,000, the total cost of your mortgage will fall by over $80,000. You’ll feel the benefits of buying low for decades to come.”
3.) All Systems are a Go
The winter can be the ultimate “litmus test” for buyers. All of the homes heating and plumbing systems are put to the test during the cold months, so you can ensure that everything is in working order before having the surprise of a heater going out months after buying. The structural elements are also put to the test. You can check to see how the roof is holding up and how the gutters function when searching for homes in the winter.
4.) The Home is in its Purest Form
When trees aren’t blossoming and leaves aren’t reducing noise, you can truly see the home in its most natural state. You’ll want to see your investment in its uncamouflaged state to assess the reality of the property. Plus, you’ll get to appreciate the home even more when it’s in its most aesthetically pleasing state in the summer.
5.) Other Perks
Did you know if you close on a home before December 31st, you can apply the purchase of your home towards tax deductions? If you buy after, you’ll have to wait a whole fiscal year to reap any tax benefits. And speaking of closings, mortgages tend to close much faster during the winter due to less people buying and selling, so the process moves faster.
If any of these reasons spurred some new thoughts about searching for a home, feel free to reach out and contact us. We never pressure anyone into any decisions they’re not ready for and simply like to lend an ear and a helping hand to help you make the best decision. Free free to shoot us an email at email@example.com or give us a call for more information. 801-995-4700.