Buy Your Home This Winter

If you've been paying attention, we talked about some reasons and tips to sell your home this winter last week. It's no surprise that we want to make sure that you home buyers out there know what to pay attention to in order to buy your home this winter. Just like selling this time of year, there are some perks to buying a home during the Minnesota winter.

Below, see some reasons why you should be looking to buy your next home right now.

Less Competition with Other Buyers

Generally, there tend to be fewer buyers in the winter months than you might see in the height of the busy spring and summer months. For example, this past spring and summer, many homes sold in multiple offer situations. While this is great for the seller, it may be a bit challenging as a buyer.

This does means, however, that buyers have the benefit now! Less competition on the market shows the seller that you are a serious about finding a home. It may also be a benefit during the negotiating process, as it may be less likely to be put in a multiple offer situation with other buyers. During negotiations with the seller, make sure to discuss everything with your Realtor to help ensure that it is a win-win for everyone.

Everyone is Motivated 

We already know that if you are looking to find a home, you are motivated to make a move on the right one! Sellers are too! Some sellers may have not been able to get their home sold in the warmer months or need to be somewhere new by spring time. This means that they will likely be extra eager to work with buyers in negotiating and getting the sale put together.

As a buyer, if you are looking in the winter months, it is likely that you want to be in your new home by spring as well. Just image being settled into your new home in time to fully enjoy the warmer weather without having to worry about moving. It's a pretty picture isn't it?

See the House in Harsher Winter Months

It is well known that the winter months up in Minnesota can be cold, snowy, and downright brutal. The main thing that almost everyone always seems to want to do is be cozy at home. This is another reason  why it is such a great time to look for that new home.

By having the ability to see the home in the cold and harsh months, buyers have the ability to "test out" how a house seems to hold up against the cold. You can walk into a house and tell how well a furnace works, if the home is insulated well (hint: less icicles from the roof), and how the plumbing works in the cold.

If you are concerned about seeing how the curb appeal home looks during the summer, ask your agent if the sellers have any pictures of the exterior. Some listing agents already have pictures available of the home during the summer so you can see what vegetation and landscaping there is to the home.

Mortgage Rates are Still Low

This reason right here should be in big, flashing lights.  Mortgage rates are still fantastic! They have been sitting low for quite a while now. It may be possible to get a rate at about 4%, depending on credit and other variables that you definitely should ask your lender about.  If you have never bought a home, or it's been awhile, several years back it was more likely to see something about 8%. That's a lot more money coming out of your pocket.

If you have been thinking about buying a house even in the next year or two - really take a minute to consider buying sooner just to take advantage of the fact that rates are lower at the moment. If you don't have a lender, feel free to reach out to your Realtor to ask for someone they know. The lender can give you a better estimate to what your rate would be, what the forecast looks like for rates,  and what your best strategy may be. They do  watch rates all day long!

Remember – if have any questions about buying, let us know! We are more than happy to help you find your dream home and make sure this is the right time for you.

Thanks for reading and Happy Holidays!