Traditionally, home buying slows before the end-of-the-year holidays and during the winter months. People are just busier with life at this time of year and do not have the time to put into an energy-consuming house hunt. Plus, depending on where you live, winter is either rainy or, worse, snowy. Many people do not want to trek through bad weather when they could be snuggled up on their sofa watching television. Buying a house in the winter, however, is actually a great choice for many reasons.
1. Less Competition: The idea of multiple offers can scare many buyers to their core. In winter months, though, there are fewer people shopping for a new home. Fewer buyers out there means less competition overall and a greatly reduced chance of being in a multiple-offer situation. Think of it like grocery shopping on a busy Saturday morning vs. at your local 24-hour superstore at 2 in the morning. There's a big difference.
2. Serious Sellers: While some sellers may pull their home from the market and re-list in the spring to avoid the hassle, the remaining sellers are serious about selling and selling now. They are willing to entertain reasonable offers instead of holding out for the full asking price.
3. Cross It Off Your List: Many people write goals at the beginning of each new year and, if buying a new house was on yours, you can successfully cross it off. Going into 2020 with a brand new house and a brand new set of goals will give you a sense of pride and accomplishment.
4. Low Interest Rates: Interest rates are low. Mortgage rates are in the three-percent range, depending on your credit, type of loan, and length of the loan, which is incredibly low. They are, however, creeping up and no one is sure what 2020 will hold for mortgage rates. Taking advantage of those rates now, while they are so low, can save you money off your monthly payment as well as save thousands of dollars in interest over the life of your mortgage.
5. Tax Write-Offs: Buying a house and closing before the end of the year can help you take advantage of any tax write-offs for the year. Talk to your tax professional for the nitty-gritty details, but buying before December 31st could save you money.
Instead of pulling back on your house hunt this winter, ramp up your efforts so you can grab a great house and enjoy all the benefits that come with it. Contact a real estate agent today for more information.Share