Though the season gets a bad rap, it’s actually one of the best times to buy. Explore four reasons why you should consider purchasing during the winter months
The time around the holidays may be known as the most wonderful of the year (at least if Andy Williams’ classic Christmas tune is to be believed), but they’ve traditionally been considered a bad time to sell homes. As a result, the real estate industry often tapers off during winter as fewer buyers put their homes on the market. But if you’re looking to purchase a home in the Washington, D.C. area, winter is actually one of the best times to do it. Here are four reasons why:
Because spring and summer are typically the busiest times for buying a home, house hunting in the winter means you’ll have less competition. This makes it easier to negotiate a good price with sellers and actually close on a house. In short, winter is more likely to be a buyer’s market.
More Motivated Sellers
Because many sellers choose to hold off on listing homes until the warmer months, those who do put their homes on the market in the winter are often more motivated to actually sell. Whether they’re relocating for a new job or moving cross-country to care for an ailing family member, sellers who put homes on the market at this time of year often have underlying reasons for why they need to sell a home quickly. This gives buyers the upper hand.
Most Favorable Interest Rates
According to Mashadivsor, winter is the best time of year to get a favorable interest rate from your lender. Fewer clients apply for home loans in December, January, and February, which means those who do generally get better financing terms.
Realtors Have More Time
Although digital platforms like Zillow are still popular with house hunters, the National Association of Realtors Generational Survey found that millennials (who represent ¾ of the buying and renting pool) were the most likely to use real estate agents (87 percent) when buying a home. If you, too, value the guidance and knowledge of a licensed realtor when buying a home, it can be easier to find one during winter since they have more free time and will be able to focus more on your needs.
If you’re looking for a home in the Washington, D.C. area, be sure to contact McFadden Partners today. With plenty of experience selling luxury homes in Washington, D.C., the team can answer any questions you have during the home buying process and help you find a property that’s right for you.