Against a background of strong job security trends and cooling real estate prices, this winter is likely to be an excellent time to purchase a new home.
Buyers are entering a market where owners are more willing to negotiate discounts and concessions after enjoying two years of double-digit growth in the value of their homes.
If you’re in buying mode, you should also be able to take your time in making a decision this winter.
The era when folks rushed to sign a deal for fear of missing out – or FOMO as it’s popularly known – has passed, at least for the time being.
The average time it takes to sell a property in America is now 50 days and the number of homes for sale is 31% higher than this time last year.
Another bonus is that the winter market is traditionally slower than in spring and summer with fewer buyers competing against each other.
So, if you’re confident in your employment status and your finances can meet the recent rises in mortgage costs, this winter may well be the time to make your move.
Consider these house-hunting tips for winter and good luck with your search.
Reality check
It’s easy to dress up a home in spring and summer, making the most of the good weather. In late fall and winter, it’s a different story. You’ll likely experience the property in its true condition. You’ll be able to tell if it is warm or draughty and quickly assess basics such as drainage and guttering.
Do you love it?
If you find your dream home in winter, then you can be sure you’re really going to love it. It’s only going to get better when spring and summer come along!
More for sale
This is more a post-pandemic thing than related to winter. After two years of rising prices and a shortage of available homes, the flow of properties coming on the market has started to increase as owners decide to move on with their own lives. This is good news for you.
Get pre-approved
Househunt with a pre-approved loan in your back pocket, so you’ll know your budget and be able to move quickly when the opportunity presents itself. There’s nothing more frustrating than losing a wonderful property because you had to wait for the lender to give you the go-ahead.
Time to negotiateYou’ll receive more attention from the seller with fewer buyers around. You’ll have time to negotiate a deal at your speed rather than feel rushed into putting down earnest money. You can also use this advantage to check out more homes and leverage an even better deal by comparing prices in talks with individual sellers.