Buying Your Home in the Winter Alright, home buyers. Now it’s your turn. Below are the benefits of buying a house when the weather outside is frightful. Less Buyers Okay, we already established that home sales take a bit of a plunge during the winter. So, typically, you won’t have to deal with as many competing buyers as you would if you waited to buy in spring. Which probably means you don’t have to worry as much about someone else snagging your dream home before you can submit an offer, or about getting caught in a bidding war. It’s kind of like when someone brings in holiday treats to share with the office, but most of your coworkers are out of town. You get first dibs on the best desserts! Better Deals Since supply and demand for housing are both down during the winter months, you might be able to save money on your purchase! Hard to believe? Get this: The median sales price of existing homes sold from December 2021 through February 2022 was around 4–17% lower than homes sold from March through June 2022. That means people who bought their homes during winter saved tens of thousands of dollars compared to those who waited to buy in the spring or summer! That might make any challenges of buying during the wintertime worthwhile. Mortgage Rate Fluctuations If you’re getting a mortgage, you might be able to lock in a good interest rate before the new year hits. Having a lower interest rate would save you money as you work to pay off your new home. But keep in mind, interest rates don’t always go up. So check with a RamseyTrusted mortgage provider, like our friends at Churchill Mortgage, to learn more about the status of current interest rates.
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