Five benefits to buying in fall and winter
With school in full swing and the holiday season coming up fast, fall and winter can feel like a pretty busy time of year — but not when it comes to the housing market.
According to CoreLogic® data from the past five years, homes usually spend more time on the market in the winter months.1 And even though inventory tends to drop during that time, median home prices are usually lower than in the spring and summer.2
Which is why, if you're in the market to purchase, now might be a great season to step up your house hunt. Here are five top benefits for fall and winter homebuyers:
You'll have less competition. At this time of year, families are usually settled into school routines, people are focused on the holiday season — and buying a home moves a lot further down the to-do list. That means if you do put in an offer on a home in the next few months, it's likely you'll also …
Enjoy more negotiating power. You'll have a much better chance of flexing your negotiating muscles in the fall and winter than in the peak season when the seller may have many more offers to choose from.
Take advantage of lower home prices. Sellers who are trying to sell during real estate's off season usually have strong motivations for doing so — for example, the need to relocate for a job or to speed up the sales process if they've had their home on the market for a while. Either way, that translates to lower prices for the buyer.
Speed up the moving process. Movers especially are at their busiest during the spring and summer. In the fall and winter, when less people require their services, you may be less likely to run into frustrating delays.
'Tis the season … for sales! This is a benefit that many people might not think of, but after all, there's more to buying a home than the price and closing costs. You may also need to purchase new furniture and appliances, or other items to fix up your new space. What better time of year to get a great deal on home goods than holiday and end-of-year sales?
When you're ready to apply for your mortgage loan
Bank of America offers many different types of mortgage options, including fixed- and adjustable-rate mortgage loans, VA loans, FHA loans and low down payment options such as the Affordable Loan Solution® mortgage.3 For help finding the mortgage solution that best fits your needs, contact me.
Sources:
15-year home sales and average days on market from May 2013 to April 2018, CoreLogic®
25-year home inventory and median selling prices from May 2013 to April 2018, CoreLogic®
3Available for fixed-rate purchase loans with terms of 25 or 30 years and on primary residences only. Certain property types are ineligible. Borrower(s) must not have an individual or joint ownership interest in any other residential property at time of closing. Maximum purchase loan-to-value is 97% and maximum combined purchase loan-to-value is 103%. For loan-to-values >95%, any secondary financing must be from an approved Community Second Program; ask for details. Homebuyer education may be required. Restrictions apply regarding co-borrowers. Maximum income and loan amount limits apply.