4 Reasons to Buy Your Dream Home This Winter
By Georji Brown, Team Brown Realty
The winter freeze may have arrived, but the housing market just keeps heating up! As values continue to rise, we’ve got 4 reasons this winter is go-time for buyers.
1. Home Prices & Interest Rates Will Continue to Rise
Price: Home prices are at an annual low in winter, which means buying NOW will increase your purchasing power, and get you more for your money.
CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.3% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.2% over the next year
Interest Rates: An increase in rates will impact YOUR monthly mortgage payment.
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage are currently at 4.08%. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by this time next year.
2. Motivated Buyers & Sellers
Who wants to move in the snow? While it isn’t ideal for most people to buy or sell their home over winter, many are doing so because they’re on a timeline. This works drastically in your favor as a buyer, since these sellers are far more likely to be open to negotiation. There also tends to be less competition for the sellers, which leads to more competitive offers, some even over asking price. With fewer buyers searching for their next home in the winter, there tends to be far less competition, and fewer competing offers.
3. Your Transaction Will Be Processed Quicker
Because housing inventory is generally smaller during the winter, lenders and agents are naturally less busy! This works in your favor, both will be more accessible to you for questions, showings, and help completing your purchase.
4. Seasonal Perspective
Is the heating system functioning properly? Were there drafts coming through the windows, or did you feel cold while touring the home? Are the home’s pipes susceptible to freezing? Homeowners know, a vacant home in the winter is never a good thing. Searching for and finding your dream home in the winter gives you a valuable perspective on properties not available any time of year but winter.
