It seems that there is a misnomer that you should always wait to buy and sell a house once the spring market arrives, which is when the 'peak' season of real estate exists in the North East. Just because there may be some snow on the ground, doesn't mean you should just hunker down and wait. There are some serious benefits from being in the market this time of year. Below are 5 of the top reasons.
Only Serious Buyers Are Out
At this time of year, only those purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered by mere 'window shoppers'.
There Is Far Less Competition
Housing supply always shrinks dramatically in the winter. The choices for buyers will be limited. Don't wait until the spring when all the other potential sellers in your market will put their homes up for sale - also those who sell in the winter are eager to sell, you may find a deal by taking advantage of market conditions which a seller may need to move on their house quicker due to job changes or other factors.
The Process Will Be Quicker
It's no secret when the market is busy, so are Agents, Loan Officers and Lawyers. Buying and selling while these parties aren't as swamped will give you even more personal attention and may help speed up the time between contract and closing.
Interest Rates and Housing Costs are going up
Experts are predicting the Federal Reserve to start inching up the interest rates starting some time in 2015. As the US economy improves, interest rates will climb, and housing costs will rise as well. So getting in now, before the market heats up will benefit your bottom line on any term mortgage.
Buying while it's cold has its benefits
Looking at house while the landscaping is manicured, the windows are open and flowers are in bloom may not give the true story of a house. By searching while it's cold, you'll be able to see if there are heating/insulation issues, wet basements, or roofing issues that you may not see during the summer months.