We hear it all the time: “I’m going to wait until spring to buy a home, rather than try to find one over the holiday season.”
Though there are typically fewer homes on the market in the fall and winter months, that doesn’t mean waiting until spring is necessarily the best idea—especially in this market. Here are a few reasons why that is:
1. Interest rates are on the rise. Increased interest rates will negatively affect a buyer’s purchasing power, meaning they won’t be able to afford the same amount of home if they wait until spring to buy.
2. Less competition. Because there are fewer buyers in the market during the fall and winter, there is less competition for the ones who are looking during that time. The spring market is a prime season for multiple-offer situations and bidding wars, meaning you’ll have to work that much harder for sellers to accept your offer over another buyer’s.
The main question you need to ask yourself is whether or not you’re ready to buy a home. Are you qualified? Are you comfortable moving forward with a transaction right now? Are you in a position where it will be feasible to move? If your answers to these questions are yes, then why wait?
Yes, people don’t typically want to move while it’s cold or while there’s snow on the ground, but the reality is that, if you prepare for it properly, moving will only take a half a day—so there shouldn’t be much of a barrier.
And to be honest, this is our favorite time of year to show homes. It’s a lot of fun to go through and see all the houses decorated for the holidays.
If you have any questions about this topic or about buying or selling a home in general, don’t be afraid to reach out to us for all your real estate needs. We’re here to help.