Several Reasons To Purchase a Home This Winter

 It has been said that springtime is the perfect time to buy or sell a home, but is this always the case? Not necessarily, while springtime is the most popular time, winter months can work in a home buyer’s or seller’s favor. This can include having more time on your side to decide, not as much competition, and real estate agents have more time to focus on just you. Here are several reasons that this winter might be the right time to purchase a home.

1. Winter-Tested Houses

The winter brings harsh cold weather to most every area in the US. During the harsher cold weather, a home inspector can see the home’s flaws a little better. If you close on a home in the summer, you might have some surprises in store next winter. Professionals in the industry will tell you that the best time for a property inspection is during the rain and snow.

2. Motivate Sellers

Inventory is fairly low and slow in the winter. If someone puts their home on the market in the winter it usually means they are a motivated seller. If you are in the market for a new home, sellers will be more prone to accept offers and negotiate more on the price and closing costs during the slow winter months.

3. Fewer Buyers

The winter months are a great time to hibernate indoors so to speak. This means that there are fewer buyers out there during the colder months that are looking for a home to buy. You definitely will have less competition in the housing market during the winter. This means you can take your time and make sure you are not rushed into making an offer.

4. Available Realtors

Since winter is considered an “off-season” for realtors, this means that realtors have more time on their hands to devote to you and your search. A realtor will not only be able to devote more time but also support your specific home search.

5. Discounting Movers

Colder winter months are also slow for professional movers. This means that many movers might give company discounts for their services during this time. Since they will also have a lighter schedule, they will have more free time so they should be able to accommodate when you would like to move.

If you are ready to move before the spring, contact a local real estate agent who can help you with the home-buying process. A realtor can not only find you the home of your dreams but can get it at the right price and right terms.

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Follow These Two Suggestions When Purchasing A New Home

Springtime is a time when many home buyers come into the housing market. This spring, the housing market is still going strong with tons of competition. If a homebuyer finds a home they like, there is no time to think if you want to compete for an accepted offer. Here are two important things you should take action on before purchasing a home.

Bulk Up Your Credit Score

A homebuyer's credit score can either hinder or boost your chances of purchasing a home. Credit scores determine whether a homebuyer can get approved for a loan. Before starting the home buying process, a homebuyer needs to make sure their credit score is 650 or higher.

Lower Your Debt-To-Income Ratio

A homeowner's debt-to-income ratio is very important. It can not only affect getting a mortgage but can also affect the price of a home a homebuyer can purchase. A good debt-to-income ratio is less than 43% according to the Consumer Financial Protection Bureau. For example, if a homebuyer's monthly income is $5,000 and monthly expenses are $1,000, then the debt-to-income-ration is 20%.

If you are considering purchasing a home, make sure to not only follow these two things but also contact a Realtor. A Realtor can help you with the process from start to finish. They will find the perfect home for the perfect price.

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Spring A Great Time To Sell A Home

Photo by Andre Furtado from Pexels

 

Spring brings new flowers, animals, and warm sun. Many say that spring is the time for changes. The housing market also sees a rise in home sales during this time. Here are five reasons why springtime is the best time to sell.

1. There's high demand from homebuyers.

Showingtime, an app that tracks showings on homes, reported that buyer showings are up 51.5% from this time last year. The housing market is hot and buyer demand is strong.

“As anticipated, demand for real estate remains elevated and continues to be affected by low levels of inventory…On average, each home is getting 50 percent or more requests this year compared to January of last year. As we head into the busy season, it’s likely we’ll push into even more extreme territory until the supply starts catching up with demand,” says Daniil Cherkasskiy, Chief Analytics Officer at ShowingTime.

2. There aren't enough houses for sale.

Inventory is on a record low, and buyers are high on demand. “Nationally, the inventory of homes for sale in February decreased by 48.6% over the past year, a higher rate of decline compared to the 42.6% drop in January. This amounted to 496,000 fewer homes for sale compared to February of last year,” reported Realtor.com.

According to the National Association of Realtors (NAR) "sales are skyrocketing" and the existing inventory is "continuing to drop dramatically". The average house is only staying on the market for only 21 days.

3. You have a lot of leverage in today's market.

Low inventory and tons of buyers make this a seller's market. The seller currently has the upper hand in the market and can negotiate the best deals. NAR reports that bidding wars have increased on average by 3.7 offers per house.

4. It's a great way to use your home equity.

CoreLogic reported that the average homeowner gained $17,000 in equity over the past year, and that number continues to grow as home values appreciate, in the third quarter of 2020. During this market, homeowners will find that they have a lot of equity in their homes. Equity is a type of forced savings that grow during your time as a homeowner and can be put toward bigger goals like buying your next dream home.

“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home – the wealth effect of rising equity. In today’s housing market, fast-rising demand against the limited supply of homes for sale has resulted in continued house price appreciation,” says Mark Fleming, Chief Economist at First American.

5. It's a chance to find a home that meets your needs.

The COVID-19 pandemic has changed the way homeowners see and live in their homes. The stay-at-home orders meant spending a lot of time at home. This extra time at home caused homeowners to re-evaluate the top desires they want in a home.

The home office, outdoor spaces and flex rooms became a must in the 2021 home search. With so many people working from home, or virtual schooling flex rooms and home offices are in high demand.

If you are in the market to sell your home, contact your local Realtor. A Realtor will not only help you navigate the market, getting you the best price and deal for your home, but will also take most of the pressure off of you from this fast pace market.

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