Baby, it's cold outside, and while home purchases may slow down during the colder months, it doesn't come to a complete halt. If you've been considering a purchase and wondering if putting your home buying desires off until temps rise, consider these 3 factors may help you to see where you can win as a Winter buyer.
1.) It's Cold. No, seriously, it's really freezing
Winter is usually a time of hibernation and nesting especially in areas where temperatures tend to fall below freezing and weather becomes less than desirable. With the vast majority of people staying indoors, there are less buyers braving the cold to get out and see properties. Less buyers means not as many people making offers or competing for the best deals. In addition, home buyers with children tend to stop looking during this time to avoid having to move children from school to school in the middle of the year.
2.) Winter is the 'Off Season" for Home Buying
Much like many professional sport leagues, home buying has an 'off season'. Sales slow down, and prices tend to be lower because Spring and Summer are the peak purchase periods and sellers usually like to take advantage of the massive amounts of buyers in the market at that time. Buyers who opt to purchase in the Winter may not only benefit from lower purchase prices but may also reap equity benefits in the Spring and Summer when prices often adjust upward due to supply and demand.
3.) No one knows what the future holds
Economic conditions can be difficult to predict. Economist have predicted upticks in rates, but with so many factors affecting the economy and politics, there is no way to guarantee what will happen in the future, so if you're able to secure a good rate now, now may be the best time for you.
Please Note: This article is provided for illustrative purposes only. It is not an offer or commitment to lend money, and it is not an advertisement for a specific mortgage or a specific interest rate. Contact me to run the numbers for your situation.