17 Nov Buying a Home in the Winter vs Waiting for Spring
Needless to say, buying a home is an important decision. There are a lot of factors to take into consideration as you try to land the perfect property for you and your family. One of the issues that many home buyers in Maryland weigh as they are getting ready to test the market is whether it is better to buy in the winter or the spring. It is well known that spring is a busy season in the real estate world, so some are tempted to wait until spring in order to maximize the number of properties available. With that said, you shouldn’t completely rule out the possibility of shopping during the winter season. Below, we take a look at a few reasons it may be beneficial to get started before the weather warms up.
Consider Seller Motivation
When entering the market as a buyer, it’s a good idea to think of the transaction from the seller’s perspective. It’s easy to understand why someone would list their home in the spring or summer – those are the busy times of year for selling a home. So, why would someone list their home for sale in the winter, when there are fewer shoppers? Quite possibly, it’s because they need to move quickly, and will be motivated to sell. This can work to your benefit, of course, as the seller might be more willing to accept an offer below asking price just to close the deal and move on.
Reduced Bidding Competition
In addition to the possibility of finding motivated sellers, you may also see that there are fewer bidders to contend with once you do find a property that you’d like to purchase. With less competition for homes, there is a better chance of having your first offer accepted, rather than having to negotiate back and forth in order to outbid the competition. There are never any guarantees in real estate, of course, but the prospect of fewer competing buyers is another reason to consider getting this search started in the winter months.
Avoid Market Changes
If you are ready to buy now – as in, you have your financing in order and everything else ready to go – waiting around is only going to give the market time to change. Waiting around could lead to a market which is more expensive when you do shop, or maybe the interest rates will have risen in the meantime. Basically, you will be waiting around and risking trouble when you could get a deal done and not have to worry about market changes.
You might not ever find the ‘perfect’ time to buy your house here in Maryland. Whether you would like the rates to be a bit lower or the prices to come down, you can’t dictate the market conditions you encounter. As long as what you find is suitable for your needs, the best course of action may be to get down to business and start working to make a purchase – no matter what time of year it may be.