Winter is a great time to buy a house. Houses are priced low, there are fewer buyers, and real estate agents have more time to assist you through the buying process. Despite these advantages, there are some costly mistakes everyone should dodge when buying a house.
Here are 3 mistakes to avoid when buying a house in winter.
Lowballing your offer
Most sellers who put their home on the market in winter are desperate to sell their house fast. Most buyers try to take advantage of it by lowballing their offer. They may be in desperate need to move out of their house, but you won’t be able to buy the property if you lowball your offer.
Sellers love their home. They have stayed in that house for several years and consider it their most prized possession. Lowballing your offer can offend the seller. If you are serious about buying the house, make sure that you place a competitive offer that isn’t offensive to the seller.
Assuming you’ll automatically score a sweet deal
With the chilly winds and freezing temperatures, house hunting during the winter can be a bit of a challenge. In addition, most people are also busy with the holiday celebration. As such, most buyers put off buying a house till spring.
With fewer buyers during this time of the year, most buyers assume they’ll get a great deal. Sure, the prices are lower and you are less likely to end up in a bidding situation. But you also need to consider that the number of houses on inventory is also quite low. So, if you decide to buy a house in winter and you’re expecting to get a bargain, you may end up disappointed.
Ignoring possible closing date delays
In a real estate transaction, buyers and sellers agree to a target closing date. But most of the time, it doesn’t take place on the specified date.
Closing delays happen due to a number of reasons. Errors in documents, problems with down payment, and last-minute requests from the lender are some of the most common causes of delay. To ensure that the closing takes place on or before the closing date, make sure that you have your down payment transferred to the closing agent, check all the documents for error, and make sure you have all the necessary document needed to complete your loan.