Shopping for a home in the spring, buyers are lured by the curb appeal of beautiful blooming landscapes and the promising warm temperatures. It’s generally perceived as the best time of year to buy a home. But don’t underestimate the advantages of buying in the winter.

According to the National Association of Realtors®, over a million homes were sold in the U.S. last winter. It sounds like a lot, but that’s half a million less than what was sold in summer. What does that mean for buyers? Less competition and better deals. With less buyers vying for homes, the more likely you can find your dream home without getting into a bidding war. And, according to Realtor.com®, the median listing price of homes sold during the winter months last year were 6% less than homes sold during the spring, which translates to better deals in the colder months.

So, if you are considering buying a home in the winter, here is some tried-and-true advice:

  • See how the house stands up to harsh weather. Winter weather can bring its own set of challenges to a house. Buying in the winter gives you an opportunity to check out a home’s efficiency when it’s cold outside.
  • Stay within your budget. Tempting as it may be with slightly lower sale prices to purchase something that’s over your budget, stick with the “rule” to keep your monthly mortgage payment at or below 25% of your take-home pay.
  • Negotiate with confidence. Sellers are typically more motivated during the winter months, so it can be easier to get your offer accepted. But don’t submit a lowball offer that could jeopardize the negotiations.
  • Lock in a good interest rate. While interest rates won’t necessarily go up with the new year, a lower interest rate can save you money. So now is a good time to start shopping rates and lock one in. Luxury Mortgage can help you with that!

Ready to Learn More?

If you are ready to buy a home this winter, Luxury Mortgage has a wide array of programs that can give borrowers more flexibility when it comes to financing their homes or rental properties. Connect with one of our licensed mortgage consultants today to find out which loan might be right for you.

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