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Some people may overlook buying a home in winter, but there are benefits to homebuying in any season! The best time to buy a home is when you’re financially ready to do so. Instead of waiting until the weather is warm and the days are long, let’s explore reasons why a buyer may want to purchase in winter.
When you visit a home in winter, you’ll be able to see how problem areas withstand the elements. Things like drafty windows, cracks in the foundation, and basement floods may be more noticeable in inclement weather without the distraction of tailored landscaping.
In addition to how the elements will affect the home, you can also gauge the neighborhood response. Are roads and driveways sufficiently plowed? Do other properties have cleared driveways and sidewalks?
Buyers often wait until the spring and summer to house hunt, meaning you’ll have less people to compete against when it’s time to make an offer. With less buyers on the market, sellers may be more inclined to accept bids without fierce competition.
According to the National Association of Realtors, homes sold for $20,000 less in December 2022 to February 2023 when compared to homes in similar neighborhoods in March 2023 to May 2023. A drop in listing prices indicates a buyer may be able to afford more home and benefit from lower monthly payments.
You may find that professionals have more time to give their clients a personalized experience. Winter can be slow for mortgage, real estate, and moving professionals. With many people waiting for longer days and more fair weather, it may be easier to get appointments to tour homes or a better deal on moving costs.
While seasonality in the housing market is something to watch, don’t let it determine your financing future! No matter the weather, our diverse loan programs and knowledgeable Loan Originators are here for you during every step of the homebuying process. Contact us to get started!
Homestead Funding offers exceptional customer service and a convenient mortgage process. Whatever your financing needs, our goal is to exceed your expectations.
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