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| More rates and news from Buying A Home During Winter May Be The Best Deal
(If you are in the market to buy a home, the most important thing you are trying to accomplish is to buy the right home at the lowest possible price. )
While the overall price of a home may depend on uncontrollable factors such as the market status, which tells us now is a great time to buy, there are other ways to buy a home for lot less than at other times, without having to have expert negotiating skills.
Tim Mai’s article, “Buying A Home At The Right Time,” which was posted on ezinearticles.com provides reasons as to why buying a home during the winter season may prove to be the right time.
It is a common notion that real estate is more difficult to sell in the winter and in turn, a buyer can save money buy transacting a deal during this time.
Why would this be?
“Well, who wants to move in the middle of rain, snow, sleet and wind? Not the ideal moving conditions. And because there are fewer people that want to move during that time of year, the fewer offers there will be on a given property. The fewer offers, the more apt the owner is to take the first reasonable offer that comes along.”
Now you may be thinking that Christmas is an ideal time to buy a house for someone and that real estate agents would do their best advertising during this time.
First off, a house is a pretty generous present for anyone even if you are a millionaire. The other reason Christmas is usually not thought of as a good time to sell is because buyers have so many other things going on financially and emotionally.
So, if you consider the logic, if you have the finances, buying during the Christmas time may save you money, but in fact, you have the potential of saving the most amount of money during the week between Christmas and New Year’s.
“The reason for that is agents have forgotten about the properties that are still waiting to sell. They don’t expect a lot to happen during that week, and are excited when something does.”
However, also keep in mind that weather has a lot to do with this rationale. If you live in a constant climate (warm or cold), there is not going to be a sudden shift in cold weather come winter time, so people will not be as reluctant to go outside and visit open houses or actually pack up and move.
Regardless of the weather (although the market will be slower during winter and colder months), you will want to make your purchase offer on a house when the market is at its slowest.
“The slower the market, the fewer offers. The fewer offers, the more likely the seller is to take the offer. They may be so happy to have an offer that they may take it as long as it is reasonable.”
A slowing market also opens up the opportunity for potential borrowers with lower credit scores to be able to purchase a home because it is less money to qualify for.
“As an example, take an owner that is asking $100,000 may take $89,000 for it. With taking so much less for the house, lower credit scores will be able to get a loan for the lesser amount. So, keep in mind, when you are looking at houses, that timing is everything. For some, timing is the changing season, for others it is the market as a whole. Be sure to watch the trends and pick out the best time for you and your situation.”
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