The market in Massachusetts is greatly influenced by the seasons and the school cycles. There is no doubt Boston / Massachusetts is an education hub and one should expect that as the school year starts and ends, there is a lot of shifting in the real estate market. New people are moving in while others are moving out. With that said, one may wonder if there is such a thing as a good season to buy a house? Yes, there is a good time _ when the prices are low due to economics. But what about the weather? You’d be surprised to know that winter is a great time to buy a home. Here are the reasons why:
Advantages of Buying A Home In The Winter
1. Competition is Low, More Room for Negotiation
Some people are hesitant to go house hunting in the cold and prefer to wait for the warmer weather. There are less buyers in the winter and yet there are sellers with time-constraining needs. Sellers have less offers to choose from, and, therefore more room for negotiation since the competition is low. There is even more room for negotiation if a home has been on the market for a long time.
2. See How the House Withstands the Cold
Tough winters can take a toll on a house; the cold, wind, moisture and snow may impact the infrastructure of the house. It is a good time to observe the impact of the elements. A few things to pay attention to as you walk through include: observe the insulation, are cracks forming in the walls, ceiling, are ice dams forming on the roof? These are factors you could easily miss out when house hunting in the warm weather. I would recommend getting a professional home inspector to determine how good the construction is and how the house withstands inclement weather. An inspection report can be used to negotiate an even better price.
3. Mortgage Rates are Low
Right now, is a good time to buy. According to Mortgage Lender, Rick Harrington of Guaranteed Rate Affinity, mortgage rates are low due to economic uncertainty and fighting off inflation. If the economy strengthens, we could see rates rise but as long as there are some doubt, rates will remain low. Also, things like the corona virus will cause rates to go down if it continues to spread.
4. The Seller May have a Pressing Need
There are several reasons why some people need to sell immediately including: a tight financial situation, the need to relocate, sudden death in the family that might require settling the estate right away. Regardless of the reason, this is your opportunity as a buyer. Contact me to get the process started right away.
5. Festive Mood
Winter comes with the holidays _ people are generally in warm spirits and feeling more generous. Sometimes, (please don’t quote me) there are a few chances of festive generous transactions. Here’s a tip for buying a house in winter, be nice to everyone involved in the transaction. You might just get a ‘gift’. The best month to buy a house could well be December – in the early days.
Sure, it’s way more enjoyable to go house hunting when the weather is warmer in the spring or summer, but if you have recently relocated, had to give up your rental or need to buy a home for any other reason, do not wait. In any case, there are more advantages to owning a home than renting! Now that you are well informed, call or email me for more advice, a more detailed market assessment or to begin your home search!
Diane Basemera is one of the top real estate agents in Newton, MA who will make sure you know what to expect, answer your questions and determine the right price to attract buyers and sell your home quickly. To know more about real estate properties and other details , contact us now.