Reasons to Buy A Home in the Winter
You may be under the impression that you should wait until spring to begin the process of searching for a home. However, you might be surprised to learn that there are many benefits of starting your home search now. Even as winter approaches, there are several reasons you should consider buying a home now.
During December, sellers are typically more motivated to get their homes under contract. These homeowners may be facing a restricted timeline to get to the closing table. When a seller is on a strict deadline to sell, it can put potential buyers at an advantage. These motivated sellers may be relocating for a new job, trying to move over the school break, or simply in a crunch to get their house sold by the end of the year for financial reasons. Whatever their motivations may be, sellers choosing to put their houses on the market over the holidays are highly motivated and expect to sell quickly.
If you are a serious buyer, the end of the year can be the perfect opportunity to find and purchase your new home. Less serious buyers will likely delay their home search due to the holidays. Also, passive buyers may even avoid going to see potential houses due to the cold weather. The numbers of houses on the market can also affect your search. When the quantity is low, researching neighborhoods and areas you would like to live can help you make an offer quicker.
Remember, eager sellers with the combination of fewer serious buyers looking can result in a better deal for you. Depending on how motivated the sellers are, you might even have more negotiation power on price and other terms when making an offer. At the very least, you might find that certain sellers are slightly more flexible on terms if it gets them to the closing table more quickly.
When purchasing your home before December 31st, you can take tax deductions for mortgage interest, loan points, and property taxes. Your mortgage lender can offer better insight into how to claim those tax benefits as well as help you get prequalified.
If you are ready to start your home search, contact us today!