- October 31, 2018
- Posted by: Dotty Owens
- Category: Connecticut
If you aren’t sure if you should buy a home during the fall or winter months, you should read this article! Buying a home now may be better and here’s why.
Should I Buy A Home Now or Wait Until the Spring?
There are many questions homebuyers ask themselves during the homebuying process. “How much can I afford?” “Will the Seller accept my offer?” “When should I get qualified for a Mortgage?” Last but not least, “Is this a good time to be buying a home?” is also a very common question that gets asked.
As with every decision in life, there are pros and cons, and choosing when to buy a home is no different. There are many factors that need to be taken into consideration before deciding when to buy a home. Many homebuyers believe buying a home during the fall or winter months is not a good idea and that the spring is the best time a house should be purchased. This is the furthest from the truth. Certainly real estate in Connecticut experiences a “spring market rush” every year. There is no doubt that the “spring market” is a great time to be buying real estate, however, the fall and winter seasons may be the best fit for you for many reasons.
Here are several reasons why choosing to buy your home now may be a better decision than waiting until the spring:
There is Less Competition!
You can tell the spring real estate market has arrived when driving down a street in your local neighborhood and you see all of the new “For Sale” signs up all over the place! One great reason to buy a home now and not wait until the spring market is there is sure to be less competition. The fewer number of people looking to purchase a home, the greater the probability that a Seller may accept your offer.
Simply put, it’s the supply and demand theory. If there are fewer buyers to buy, there are fewer offers being made, therefore increasing your chances to get a better deal on a home.
Serious Buyers Are Out There
Homes are sold and bought 365 days a year. Many homebuyers believe that Sellers don’t list their homes during the fall and winter months. This simply isn’t true. Sellers are always out there! Some buyers may stop their search because it is the fall or winter, but buyers looking for a deal will continue to look at homes, and those buyers are usually the ones that end up with the better deals.
The fall and winter months are also a great time for a potential buyer to see what a specific neighborhood is like. Do any of the neighbors have pumpkins on their front step? Are there lots of Trick-or-Treaters wandering the neighborhood on Halloween? Do any of the neighbors have any light displays for the holidays? Some buyers look at these types of things when determining if the neighborhood is for them or not.
Staging For The Holiday Season
Many buyers enjoy entering a home that has been staged. The fall and winter months make for wonderful “seasonal” staging, the colors, the décor, the lit fireplace, that aroma in the air that is relative to that time of year. These are special moments that only available during the fall and winter months. I’m sure if you close your eyes and think about what was just written, can imagine what I’m talking about. That’s what makes the fall and winter months a perfect time to buy a home
Mortgage Rates Are Low
If you’ve read about real estate in the past year, it’s likely you’ve read that the mortgage rates are still low but are expected to be increasing. The truth is that rates have increased; however, rates are STILL low! Since mortgage rates are still low, buyers are able to afford more expensive homes. If mortgage rates increase over the fall and winter months while you’re waiting for the spring market, it could cost you thousands of dollars more and in some cases it could eliminate your ability to buy a home! Bottom line: take advantage of buying a home while the rates are this low. There are many different mortgage programs available.
Right now, there are fewer real estate transactions than there will be in the spring. The fewer number of transactions means that mortgage lenders have fewer loans to process, attorneys have fewer closings to do, and home inspectors have fewer inspections to do. All of these factors can lead to a quicker closing for all the parties involved. One of the most frustrating things for a buyer to deal with when buying a home is waiting answers. When there are so many transactions in the works, the process slows down. A quicker transaction is going to be less stress for you.
By considering all of the reasons above, you should be able to determine whether now a good time to buy is or if you should wait until the spring.