5 Reasons to Buy a New Home in the Winter
The housing market is always hopping in the spring and summer, and that leads many people to think that this is the only time you should buy a home unless you’re desperate.
This couldn’t be further from the truth.
With fewer buyers looking for homes, you’re in a strong position. You may even realize that the winter can be the best time to buy.
Urgency
In the new home market, many builders are trying to wrap things up by selling the available complete or near complete inventory. This makes it a great time to buy a quick possession home. If you decide to buy a move-in ready home, you’ll be able to finish out the winter in a warm, energy-efficient home. Say goodbye to your drafty old house!
Less Rush
Winter really can be perfect for those buyers who want to take their time. You’re spending a lot of money to create or buy the home of your dreams, and you deserve to have as much freedom as you need to make decisions. In the winter, you can take your time to peruse brochures, research products online, and see the various materials in action at different showhomes.
Fewer shoppers out there means no feeling rushed as you tour a showhome and no other, or fewer, people hovering around the sales centre, waiting for their turn with the new home sales consultant. There’s not the same amount of pressure to make a decision extremely quickly without having time to thoroughly review your options. Of course, the speed of your purchase and comfort level varies per person and is up to you.
Builder Incentives
The dip in the real estate market during the cold season often means some builders are willing to offer attractive specials to those who buy during this time. You may be able to get upgrades, discounts, and other bonuses. Some builders will prefer to set the selling price at the best price/value they can offer initially rather than including free items or offering large discounts afterwards from the selling price. It's always important to look at the complete value offered for the price and not be distracted by the word 'FREE'. Free upgraded appliances are a nice addition if you were planning to spend the money on those. If you don’t care about the appliances, though, maybe it’s not the best deal.
Just make sure you do your research on promotions and discounts offered by home builders; a discount or free upgrade doesn't always mean the best deal for you.
Locking in Interest Rates
You want the lowest mortgage rates possible. Mortgage rates have recently been increasing, and this trend is expected to continue throughout 2019. If you wait until the spring to purchase your home, your mortgage rate could be a percentage point (or more!) higher. This might seem like a small difference, but it can stop you from getting the home of your dreams.
If you’re ready to buy, it’s smart to lock in the interest rate while you can. If rates drop by the time you close on the home, you’ll still be able to take advantage of the lower rate. It is important to talk to your bank or lender of choice for more details regarding interest rates and getting started on the approval process.
Selling Your Home for Top Dollar
There’s definitely the idea that the winter is a buyer’s market, which means sellers often have to settle for lower prices in order to sell their homes. This isn’t necessarily the case. You have to remember that many buyers in the winter are incredibly motivated. They’re often shopping because they really need a new home. This can give you some power in the transaction.
Additionally, if you’re building a new home from scratch rather than buying a quick possession home, you probably won’t want to sell your current home until you’re closer to the moving date. A winter purchase could mean you’re ready to list your home by early summer, and as we know, summer is also a great time to sell your home.
An extra bonus to selling in the winter? Most people are usually in a great mood around the holidays, which means dealing and negotiations tend to go smoother!
Don’t shy away from buying a new home in the winter months. You can easily find some great deals on new homes. If you’re ready to buy, come tour our showhomes to see the quality we offer and ask our new home sales consultants any questions you might have.
