Despite what you may have heard about buying real estate in the later months of the year, purchasing a home this winter is actually a great idea. Today we’ll be sharing four reasons why this is the case:
1. Prices are set to rise. There has been a 5.6% increase in average home prices over the last 12 months, and this trend is expected to continue through the new year. In other words, now is the time to make a move if you hope to secure a good deal.
2. Mortgage rates are still going up. In the next year, experts predict that rates will rise by as much as 1%. If you wait to buy until after this point, you could wind up paying up to 7% more for your monthly mortgage payment.
3. You’re paying for a mortgage whether it’s yours or someone else’s. When you rent a property, you’re essentially paying your landlord’s mortgage. So why not make the switch to homeownership and start paying toward your own? Homeownership has been proven to be more affordable than renting and carries a number of additional advantages, as well.
4. There’s less competition to deal with during the winter months. While multiple-offer situations are common during the spring and summer, fewer people enter the market during the later months of the year. This works out well for those who do choose to embark on a winter home search, though, as it means they can proceed without the added pressure they would experience at other times of the year.
Not only that, but sellers will view the fact that you’re on the market during the “off season” as a sign that you’re serious, and will therefore treat you as such. By that same token, the sellers who remain active in our market right now are very committed, themselves. You can be sure that any seller you interact with this winter is on the market with good reason.
All in all, it’s a great time to be on the market, and our team would love to help you navigate your real estate goals if you choose to pursue them now or at any point in the future.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.