Most seasoned real estate agents already well know that winter can be a great time to buy real estate. Below are our top five reasons why this winter is the best time to buy:
#1 – Rates Hit Six Week Low!
While rates have been climbing for most of the year, they hit a six-week low last week in response to the oil glut and signs of a softer economy. Given that the Fed will likely continue to push rates up next year, this brief rate-reduction gives buyers a short-term opportunity to lock in a relatively low rate.
#2 – Lender Incentives.
Many lenders are offering extra incentive to borrowers right now simply to maximize loan volume during a slower time of the year. This includes JVM of course, as we are offering a special closing cost credit to pre-approved buyers who enter into contract from now until January 31st.
#3 – Motivated Sellers.
If someone is willing to go to the trouble to sell their home during the holidays/winter, they are usually more motivated to sell and willing to negotiate.
#4 – Fewer Buyers/Less Competition.
There are fewer buyers and a lot less competition for homes. Many buyers pull out of the market in the winter because they don’t want to take the time to house-hunt during the holiday season or they don’t want to buy in the middle of the school year (if they have kids).
#5 – Seeing Properties at Their Worst.
My neighbor has drop-dead gorgeous crape myrtle and Japanese maple trees all over his yard. In the spring and summer, his yard is an oasis of color. In the winter, however, his yard looks like a war zone. Buyers get to see homes at their worst in the winter, avoiding unpleasant surprises and knowing that their dream home will only look that much better come spring.
There are numerous articles online backing up the points above, in case any readers don’t want to take our word for it 😊.
Here are two articles we recommend:
- The Best Time of the Year to Buy Property from Financial Samurai
- Mortgage Rates Pull Back from Freddie Mac’s website
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