Mortgage Advice

5 Benefits of Buying a House in the Winter

November 6, 2014

Who says you have to buy a house during the spring and summer months? While warmer weather offers pleasant moving conditions and a lush lawn with flowers in full bloom, there are many benefits of buying a house in the winter. In fact, data proves that odds are stacked in favor of buyers who bundle up and brave the cold.

Here are five ways buying in the winter can significantly benefit your bottom line:

  1. It’s a buyer’s market. Sellers typically list their homes during the spring and summer months in hopes of getting top dollar from buyers. However, as the temperatures start to drop, so do the prices of remaining homes on the market. Sellers who listed their home in the spring are starting to feel the pressure to sell their property, meaning buyers may have more power during the negotiating process.
  2. There is less competition. You can also get a great deal on a home in the winter since there are fewer buyers to compete with. During peak home buying months, buyers often find themselves competing with each other in bidding wars, which can drive up the price of a property. This often results in buyers overpaying for a property in their attempt to outbid others. Not only will you face fewer buyers with competing bids, you won’t feel rushed to put an offer on a house. By starting your home search in the winter, you can spend more time evaluating your options and feel confident about your decision.
  3. Rates are typically lower. Historically, interest rates tend to be lower during the winter months. By landing a lower interest rate, you will have a lower monthly mortgage payment than you would have had otherwise, which will save you money in the long run.
  4. You’ll enjoy a faster closing. Since there are less people buying homes in the winter, there are a lower number of mortgage loans going through the system at one time. This means your loan may be able to move through the process quicker—ultimately saving you time and money.
  5. You’ll save on related costs. Another advantage of buying a home in the winter is the greater availability of companies in the home buying and moving industry, such as home inspectors, moving companies and contractors. Since demand is low during the winter for these services, many companies may offer you lower prices or special discounts to entice new business.

As you can see, buying a house in the winter can save you time, money and unnecessary stress. There’s no time like the present to make your dream of homeownership a reality. So, what are you waiting for? Start your search and send us a message to get pre-approved today!