Thereâ€™s some old real estate wisdom that tells us spring and summer are the prime seasons for house hunting and moving. Of course, with the nicer weather, people are more likely to get out and shop around the neighbourhood. However, with this being the general idea, people often overlook the winter months; meaning that you can jump in on all the advantages theyâ€™re missing out on! Weâ€™re going to take you through 5 pros of purchasing your new home during the winter months so that you can get all the benefits other buyers donâ€™t expect.
Knowing that everyone is going to be searching for new homes throughout the warmer months means â€¦ well it means exactly that! Everyone is going to be waiting until spring before they start searching the market. This gives you the opportunity to search for a new home that meets all of your needs, at the price point you are comfortable with. Not only that but you have the time to slowly begin preparing for your move later on when construction is complete. No need to rush around trying to have everything settled and tucked away within the next week. Schedule ahead with lots of time to get things done before the actual move-in date.
Time To Breathe
Another huge benefit to having less competition means that you donâ€™t have to deal with the craziness that comes from the busy real estate market. In fact, things can get so messy during the warmer months that some buyers decide to write contract-waiving inspection contingencies and appraisal clauses that they would never do without all that added pressure. With the slower winter market, buyers donâ€™t have to move so fast, which makes the whole process feel a lot more manageable. For some buyers, this is actually the number one reason they decide to wait until the winter to buy a home.
Focused Agents and Lenders
During the winter months, real estate agents and lenders, arenâ€™t anywhere near as busy as they would be during the peak selling and buying seasons. If youâ€™re working with a realtor to help, youâ€™ll find they have much more time to focus on finding the right new home for you. In the same way, lenders will be more available to process the paperwork needed to get the money in your hands. This means the closing process, which can sometime take up to a month, may also be quicker during the winter months.
Mortgage Rates May Go Up
If youâ€™re looking to get the best mortgage rate you can, buying during the winter is a good start! Look to buy your new home before rates have a chance to increase in order to save you money. Of course, interest rates donâ€™t always go up, so youâ€™ll have to be aware of the financial climate youâ€™re buying in. However, if you think theyâ€™re likely to increase next year, buying your home now is a logical idea.
End-of-year tax benefits are another one of the biggest motivations behind buying a house in the winter. If you close on a new home on or before December 31, you can deduct interest and property tax portions of your mortgage payment, points on your loan, and interest costs from your taxes! As a new homeowner, your monthly mortgage payment will mainly be interest payments so a large portion may be tax deductible.
Although most people may recommend buying a new home in the summer months, the winter months offer some incredible incentives to the keen homebuyer. With the market slowing youâ€™ll have a lot more time to sit down and look at your options, as well as some big financial advantages for closing before the new year! For more helpful tips and information like this be sure to follow the Marina Homes blog.