6 Key Reasons Why This Winter Is Your Best Chance to Buy a Home
The winter months are almost upon us. If you're an investor and aspiring
homeowner, winter is your best opportunity to purchase your new home. From
an investment standpoint, the winter season offers you multiple benefits and
opportunities to take advantage of. Here are some notable reasons why
purchasing a home this winter may favor you the most, unlike any other season.
Less Competition
As we move closer toward the end of the year, as well as the first month of next
year, there is expected to be less competition for the readily available houses on
the market. The reduced competition for homes can be closely attributed to the
fact that most people tend to increase their expenditures on areas of leisure
during the holiday season. According to the principles of demand and supply in
the real estate industry, less competition implies that the available units will be
sold at fairly attractive and reduced prices.
Enthusiastic Sellers
The dynamics of the winter months and the holiday season always tend to favor
aspiring homeowners. Most houses tend to get sold during the spring, summer,
and autumn months. This leaves very few available units on the market to be
disposed of during the winter months. The long winter season implies that the
sellers of these houses will have to undertake renovations at the start of spring
to make them readily available again. To prevent such instances, home sellers
are normally enthusiastic to close deals at the most reasonable price possible in
winter.
The enthusiasm to close deals in winter is driven by the need for home sellers to
look for some extra cash to spend for the holiday season. The great push to
close deals may, therefore, allow you to get the house of your dreams at an
unbelievable price.
Home Evaluation
Industry experts in the real estate sector propose winter as the best time to
evaluate a house’s condition before purchasing. Most houses that are up for sale
are normally renovated in spring and summer. As a buyer, you may get a false
impression of the house's condition if you purchase one during these months.
Going into the market in winter gives you the best opportunity to evaluate the
house’s condition and get the most valid and unbiased evaluation results
possible. If there are any design faults or defects with the house, there are high
chances that they will manifest better in winter, thereby ensuring that you make
informed decisions.
Availability of Credit
One of the key dynamics of the real estate sector, especially when it comes to
home financing and credit, is the fact that mortgage brokers tend to close deals
much faster in winter. Spring and summer are particularly associated with high
volumes of applications, which gives financial institutions some leeway to stiffen
their mortgage requirements.
Applying for your mortgage in winter generally increases your chances of
succeeding since the mortgage brokers are equally enthusiastic to close deals
ahead of the holiday season. During this season, lenders’ schedules normally
tend to slow down by as much as 30%, thereby making banks greatly value the
few customers who come on board in winter.
Begin the Year Afresh
For most people, purchasing a home is a lifetime milestone. Chances are, you
are determined to purchase your home before the end of this year. There is no
better time to invest in fulfilling your goal than during winter. Buying at the end
of the year ensures that you begin the new year afresh, giving you a chance to
settle down with your family and set new goals for next year.
Taxation Incentives
If you are a first-time homebuyer, then buying your house in winter gives you
potential incentives, such as tax deductions on your 2019 taxes. Winter and the
holiday season are your best chance to buy a home and use the investment as a
write-off on your 2019 taxes, depending on your existing local tax regulations.
In general, there is no better time to become a homeowner than in winter.
Everything about the dynamics of the real estate sector, including financing and
motivation to sell homes, works in your favor. You should waste no time and
move as swiftly as possible to close a deal before winter is over.
