Most people put off buying a house ‘til spring because there are more properties to choose from at this time of the year. Spring is one of the busiest times of the year in the real estate market. If you decide to buy a house in spring, you are likely to find yourself in a bidding war. If that happens, you may lose the opportunity to buy the house of your dreams.
Why wait for spring? Winter is actually a great time to buy a house. Here are some tips for buying a house in winter.
Getting pre-approved is one of the most important things you should do once you decide that you want to buy a house. This will not only help you determine how much you can afford, it will also give sellers that impression that you are a serious buyer.
With a pre-approval letter on hand, you’ll have a competitive edge against other buyers. But since there fewer buyers during this time of year, doing this step early on will ensure that go you’ll go though the buying process smoothly.
Use your imagination
Most people wait until spring to sell their home. If they decide to put their house on the market in winter, they are probably motivated to sell.
Some are in a hurry to sell that they don’t have time to renovate their home. Others don’t have the budget to tackle some home improvement projects. They choose to sell in winter since they know that there will be less competition. They’ll no longer have to compete with newly renovated houses. Often, you may find properties with old carpets, white tile counters, and oak cabinets. It may not also look as great since it is covered in snow. Try to look past these things and use your imagination. Imagine how the house would look like once spring comes around. You may also want to give it a few touch ups to make sure it suits your taste.
Craft a competitive offer
Most buyers assume that they’ll get a good deal just because the market is a bit slow. Thinking that the owners are desperate to sell, some buyers would lowball their offer. Not only will it be insulting to the seller, you are also likely to lose the property.
There may not be lots of buyers looking around in winter, but you also need to keep in mind that there are also fewer inventories. If you lowball your offer, you’re just giving other buyer’s a chance to buy it. If you are serious about buying the house, craft a competitive offer.