Home buying advantages in the "slow" season
Winter is often considered a slower season for real estate. The demands of the holidays and less-than-perfect weather conditions typically lead to fewer listings and fewer buyers searching the market. The relatively quiet winter real estate market can actually be a great opportunity for motivated buyers for 3 main reasons:
- Sellers who list their homes during this period are usually highly motivated. They may be relocating for work or may be in the process of purchasing a new home themselves. Whatever the reason, it is likely that they are looking to sell the home more quickly than the average seller. This means they are more prone to accept lower offers or conditions more favorable to the buyer.
- Fewer buyers means less competition. Though there may be a lower number of homes on the market, there are also fewer buyers fighting you for those listings. A slower marketplace keeps houses on the market longer and allows you to discover great properties.
- Mortgage interest rates tend to be a little lower during the winter.
January is a great time to buy a home, but donâ€™t forget that preparation is the key. There are still important steps to take prior to looking for a home. Research your credit history as soon as possible; this way you can clear up any discrepancies that could prevent you from getting a good loan. Once you feel your credit record is in order, contact a lender to secure pre-approval for a mortgage. Having pre-approval will let you shop this great market with confidence, and will mark you as an informed homebuyer. Remember that all sellers are looking for serious buyers, even if buyers are in short supply.
A professional buyer's agent can help you begin your buying plan, guide you through the pre-approval process, and act as a skilled negotiator once you find the home you are looking for. The New Year is an ideal time to purchase a new home. This may be the right opportunity for you!