Winter is truly the off-season for the real estate market. It’s cold, people are busy with the holidays, the weather can be crazy and it’s generally harder to make a move during this time. Believe it or not, these factors are also great reasons to jump into the housing market and purchase a new home. Here are 4 reasons why you should brave the cold and buy a new home this winter:
#1 There’s Less Competition. During the winter months, you can take advantage of less competition in the housing market. Home buyers come out in full force during prime buying times, like spring and summer, and there tends to be less action during these colder months. Open Houses will be scarce, and buyers need to schedule appointments to view the homes they are interested in pursuing. Although there is typically less inventory during this time, you have a greater chance of securing your dream home, without competing in a multiple-offer situation.
#2 Sellers Are Motivated. With fewer buyers on the market, YOU will be in high demand. Home sellers are more motivated to get you to buy their house. Often sellers list their house during this season because they are in a situation where they need to sell their home. This need to sell can often work in your favor as a motivated seller may be more receptive to a lower, but reasonable, offer.
#3 Slow Market = Attentive Real Estate Agent. Since the market is slower during the off-season, your real estate agent is going to be less busy with other clients and have more time to spend with you. They will be more motivated to assist you with your home purchase and negotiate a sale to close the deal.
#4 Tax Savings. Buy a home before the end of the year and you could lock in additional tax savings. You may be able to deduct mortgage interest and property tax payments. Chat with a tax professional and they can show you the exact numbers and figures.
If you are ready to make a move this season, the first step is to get in contact with a Summit loan officer. They will help you get pre-qualified so you can home shop with confidence. Find your local Summit Funding branch HERE.