It’s true that the spring and summer are typically the most popular seasons in the real estate market. However, the COVID-19 pandemic continues to change our way of life, including real estate seasons. If you are buying a home this winter, you should expect a different scenario than in years past. Here are tips to stay ahead of the competition.
Cold months, hot market
We usually see the housing market start to cool down in the fall; however, that hasn’t been the case this year. You’ve undoubtedly heard about high competition among buyers across the country as the COVID-19 pandemic impacts the housing market. Overall inventory is low, demand is high and supply-chain issues are putting a pause on many new constructions.
Wintertime buyers should expect more competition than in previous years. Experts predict that we will still see a sellers’ market, though it won’t be quite as fast-paced. More sellers are expected to enter the market this year, too, which gives buyers more opportunities. While home prices are high, a growing economy and a stronger job market mean many buyers will still be in great shape to purchase a home.
Secrets to successfully buying a home this winter
Here’s how you can best prepare yourself as a buyer: Find a trusted financial institution and get pre-approved before you start shopping. You’ll want to know your credit score, check your credit report for any errors and collect all your financial documents. Then, you’ll work with your mortgage loan officer to figure out how much house you can afford. This preparation will be well worth it and help you move quickly to make an offer.
Just like with everything in life, buying a home this winter presents both advantages and challenges. However, with a little preparation beforehand, you’ll know exactly how to confront these challenges head-on. First, inspections are more difficult in areas where the home is covered in snow and ice. On the flip side, you’ll also get a chance to see how the home holds up during the cold winter months that you wouldn’t otherwise know in spring or summer. It’ll be easier for the inspector to detect problems in the plumbing, such as blockages. To ensure a great home inspection, remove obstructions and hazards from the exterior of the home, such as ice and snow on the sidewalk, driveway and windows. This will not only keep them safe, but yield you more information.
One of the most exciting parts of shopping for a new home is touring the houses and getting a glimpse inside those real estate listings. Remember this: With fewer hours of daylight, driving around to see homes can be a challenge when buying a home during winter. You’ll want to plan your day so you can see homes both in the daylight and in the dark.
A partner in all seasons
No matter the time of year, buying a new home is an exciting event. You’ll want to work with a financial institution that understands the intricacies of buying a home this winter, spring, summer or fall. First Centennial Mortgage knows that while every home-buying season is different, so is every home buyer! Contact one of our experienced mortgage loan officers today to see how we can help you.