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Buying a home is a big responsibility. It is one that shouldn’t be taken lightly. You need to make sure that you can afford a mortgage, and all of the responsibilities that come with homeownership.
That being said, many people believe that there are certain times when it is better to buy a home. Many believe that winter is one of the best times.
Here are some reasons why you may want to consider buying a home in the new year.
Winter brings a lot of harsh conditions: snow, sleet, ice, and cold temperatures, especially in our Lakeville and Apple Valley area! When visiting homes during this time, you will be able to see if the roof is strong enough to deal with the snowfall. Leaks will be easily seen as the snow melts off of the roof.
As cold as it is, you will be able to see how efficient the heating system is. If the home seems drafty even with the heat going, you may have to replace the heating system or there may be other issues that need to be taken care of.
Home inspections during the winter can also be very informative. A good home inspector will notice things that most people wouldn’t, so it is important to hire a good inspector to go through the home.
Many people reduce the cost of their home during the winter. In fact, home prices in January are usually the lowest that they will ever be! Many people reduce the price of their home by several thousand dollars in order to get them sold throughout the winter.
Not many people want to move in the winter months, so you shouldn’t have to worry about competing for homes. During the summer months, you may find your contract competing with several other ones, meaning that you may have to pay more in order to get that particular home. Since there are fewer people searching for homes in January, you shouldn’t have to go into a bidding war when you finally find the right home.
Though many believe that spring is a seller’s market, January seems to be a buyer’s market. So, what does this mean for you? A buyer’s market means that you should be able to buy the perfect home for a good price.
When we use the term buyer’s market, we mean that you will be able to negotiate to your advantage. Since many sellers become desperate to sell their homes, they are more likely to work with the buyers to get it done. This leads to better deals and more affordable homes for buyers.
No matter what time of year it is, the best time to buy a home is when you are financially ready to! You need to have a good down payment and know what you can afford to spend each month on a mortgage. It helps to get pre-approved before you start looking so that you make sure that you find a home that you can afford. However, if you are close to being ready, you may want to try to buy a home in January, when the prices are lower and you will be able to negotiate better to get the home that you want, at a price that you can afford.
Image credit: peterspiro| iStock | Getty Images Plus