Buying a home can feel tough right now with higher mortgage rates. You might think, “Should I wait until spring when there are more houses and rates might be better?”
Here’s the deal: no one knows for sure what will happen with rates. If you wait you will likely have a ton of competition. More buyers, more demand means higher prices, and added stress. Buying now, before the spring rush, can work out better for you.
Here’s why:
1. Less Competition from Other Buyers
Fewer people shop for homes in the winter, so you have less competition. This means you’ll have more time to make decisions and less pressure when making an offer.
Homes usually stay on the market longer during winter. Sellers might be more willing to negotiate, which could help you get a better deal.
2. Better Deals from Sellers
When we have fewer buyers looking for homes it usually takes longer to sell, so home sellers often more open to negotiations. You might be able to get the home for a lower the price, have the seller cover some or maybe even all your closing costs to to sell their home.
You have more power to negotiate what works best for you.
3. Lower Prices Before They Rise
Winter is usually the cheapest time to buy a home. Prices tend to be lowest in January and February before jumping up in spring when more people start buying.
Plus, home prices usually go up over time. If you buy your home now, you could lock in today’s price before they go up in the future.
Bottom Line
Buying a home this time of the year can potentially save you a lot of money, give you more power to negotiate, and make the process a lot less stressful.