FAQ - What are the Advantages of Purchasing a Home During the Winter?

Purchasing a home any time of year can be a stressful endeavor. Understanding the current market can greatly assist in managing expectations and preparing you for what may transpire during a home purchase.

Be Prepared for a Lower Home Inventory

Housing markets, like many others, are a great lesson in supply and demand. The more supply available the less demand there is. The less demand, means less competition and potentially lower prices, making it less competitive and more affordable for the buyer. Usually there is a slower market in the winter, so there may be less inventory, but there are also fewer buyers out there, so less competition and possibly a better chance to negotiate with sellers. If you are thinking about buying a home during the months of November through February, be prepared to have fewer options available.

Get a Great Outdoor View of the Home & Lot

Another advantage is that you have a better chance to survey the lot your home sits on and the surrounding area, as there is less foliage to block the view and temper sound. If you desire privacy and quiet, the winter is your best chance to see exactly what you are buying!

Trending Lower Interest Rates & Tax Motivations

Never a guarantee, but during the winter months there is a trend of interest rates lowering due to fewer people buying and borrowing. It could only be a light decrease, but in the long run it could help you save more.

If you close on a home purchase by December 31st, there are several tax deductions you may qualify for – deductions on property taxes, interest costs, and mortgage interest.

More Insight in the Home Inspection

Purchasing in the winter can help to uncover issues with heating systems, insulation concerns, icy driveways and so on. Inspectors cannot test heating systems in the summer months, as temperatures need to be low enough to safely do so.  These are things you would not consider when it is 75 degrees and sunny outside. If buying an older home, winter is a good opportunity to make sure the home isn't drafty near windows, fireplaces with chimneys, rooms over garages, and downstairs living areas where there could be insufficient insulation. Additionally, it's an excellent time to test the power of the homes existing water heater. Even home inspectors have a hard time gauging this during other seasons.

Ability to Move In Quickly

A common trend during the winter months is faster closing times, due to less overall transactions being made during that time. This allows for paperwork to be processed quicker and mortgage brokers will see less of a backup in order to process your loan. Without any weather roadblocks, movers are able to relocate your belongings into your home pretty quickly. Something else to keep an eye on, during the winter months movers will often offer discounted rates.

No matter when you decide to buy a home, having a great Realtor to help you through the process is a must. There is enormous value in having a representative who is dedicated to making sure you get the best service and understand the process to make the experience as smooth as possible. If you are interested in purchasing a home, reach out to the Rick Cox Realty Group, so that may guide you through every step of the home buying process.


Posted by Rick Cox on
Email Send a link to post via Email

Leave A Comment

e.g. yourwebsitename.com
Please note that your email address is kept private upon posting.