Do House Hunting Deals Heat Up During Cold Months?
Although it might be cold outside, searching for a home in the winter could be a great time to find a hot deal.
Traditionally, house hunting takes place in the spring or summer. This could be due to school being out, more time available, warmer weather makes it easier for moving or other reasons. But winter can bring lower prices, a better chance of negotiating, fewer bidding wars, and even a speedier process overall.
While there usually are fewer homes for sale in cold-climate states, from late fall through winter, there are good homes to be found and lots of reasons you might be able to negotiate the right deal.
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Home sellers might be more motivated in the winter, as they might have a specific reason why the house is on the market during the winter. The seller might be moving out of state or have other motivations to sell quickly. This means more flexibility on the final selling price, or other terms such as negotiating appliances, repairs, or closing costs.
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When searching for a new home in the winter, the reduced number available can help focus your search. And with fewer number of buyers also searching, you may have more helpful attention from your real estate agent and maybe even avoid a bidding war on the home you finally choose.
One drawback of house-hunting in winter is that you’ll probably see the yard at its worst. The trees are bare, the grass is either dead or covered in snow, and colorful blooms are not surrounding the home. On the flip side, touring a home when it’s cold outside gives you a chance to see how well the furnace heats the house, and how things windows and insulation keep the cold out.
With fewer homes being sold in the winter, you might find that the process of making the offer to moving into your new home smooth and quick. Keep in mind that you can help speed any home-buying process by knowing what you can afford, being ready with a good down payment, and getting pre-qualified for a loan.
Ask one of our mortgage loan experts about getting pre-qualified for a mortgage, setting your home purchase budget, or any other questions you may have. We’re here to help make buying your next home a reality!
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