Why winter is a good time to buy
Like most things 2020, homebuying has been—shall we say, different. But despite a quick pause at the onset of the pandemic, we’ve watched as the housing market has made its recovery—in many instances surpassing last year’s numbers. So, if you’ve been contemplating making a move, we’ve seen it definitely can be done despite the limitations COVID brings.
And while winter isn’t typically the most sought-after time to buy a home, there are some surprising benefits. Sure, spring and summer might be viewed as the traditional house hunting season. But there are plenty of delightful advantages to finding that dream home—even if the weather outside might be a bit frightful. Here are four reasons why you should start house hunting this season:
Avoid the competition and get a better deal
While other homebuyers hibernate during the winter season, you can take advantage of a potentially slower market. There will be fewer buyers to compete with as many will wait for warmer weather to resume their search. Plenty of families would prefer to make a move when school’s out to provide a smoother transition for their kids.
You could have more options to choose from even if there’s not as much inventory available. You also might be able to negotiate a better price with a seller who’s trying to sell before the new year. Some sellers get more motivated during the winter, giving you the upper hand. More supply and less demand means a better deal for you!
Invest your extra dough
If you’re done buying holiday gifts or looking for a way to effectively spend that end-of-year bonus, using it on a down payment for your new home could be a great option. Don’t let the idea of a standard 20% down payment prevent you from pursuing your homeownership dreams. There are down payment assistance programs to help qualified buyers put extra funds to use.
Seize the season
Summer always feel so short, so why waste those warm, sunny days sweating out your home search? Buying a home during the winter means you can spend the summer living, rather than house hunting. No open houses. No negotiating. Just relaxing outdoors in your new backyard...
Get cozy while you’re cooped up
Besides not having to spend your summer searching for a home—don’t spend it unpacking either. While we’re always a little cooped up in winter, this winter it could feel even more so as social-distancing measures are still in place and the pandemic continues.
That makes this winter a great time to get everything done that comes along with a move—unpacking, cleaning, organizing, decorating, etc. Use your time at home wisely, so that when the world starts to open back up, your home is ready for all the hosting your heart desires.
And, what a better time to make sure your home suits your current needs. If you’ve been wishing for more outdoor space—more space in general—or a new location, now could be the perfect time to find it. You can spend the cold months with maximum comfort.
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate Affinity for current rates and for more information.