Mortgage rates went up again recently, and most mortgage experts anticipate that interest rates will continue to rise as 2022 progresses. Economic inflation, the pandemic and other factors are gradually pushing mortgage rates upwards. This is inspiring more home buyers to take action. Winter home buying is up significantly.
There are many reasons why buying a home in winter makes sense. One reason is that prices for homes usually drop during the colder months. Sellers may be more motivated to negotiate a sale price if they know that there is a good chance their property will sit on the market for an extended period of time. Buyers can also take advantage of a greater selection of homes.
Another reason is that there are often fewer buyers looking at homes during the winter months, which translates into less competition for properties. This can be an advantage to those who want to buy right now and don’t want to wait until spring 2022 or later when mortgage rates may be even higher. It also means that buyers can be more selective when they find their dream home.
Some people may hesitate to buy in winter because of the weather, but this is usually not a problem if you are buying a home in a warm climate like Southern California. In fact, many buyers prefer to purchase homes during the off-season so that they can move in and get settled before the summer months. The process of buying a home can take several weeks or even months, especially if you are working with an out-of-town buyer who has to fly in for showings and inspections.
Winter is also the perfect time to buy a new construction home because these properties often have extended closing dates due to delays in weather. This means you can move into your new home sooner and start enjoying it before spring arrives.
Lastly, the cost of winter heating is usually less expensive than cooling a home in the summer months. In other words, when you buy a home now, you get to enjoy having lower utility bills for several months (or longer) until summer.
There are many excellent reasons to buy a home this winter. If you have been considering buying a property, now is the time to take action! Mortgage rates are still relatively low but expected to rise this spring and summer and there is less competition from other buyers. Don’t miss out on your dream home – contact Babak, the Mortgage Guy, today to get started!