Benefits of Buying a Home During the Winter Months
As the cold, wet winter approaches, the thought of house hunting may not be high on your list. But if you are seriously contemplating a move, purchasing a home during the winter has some advantages.
1. Less competition: There are fewer buyers in the winter months, which means fewer competing offers for that perfect home.
2. Motivated Sellers: Sellers know there will be fewer buyers wiling to brave the elements and may be more inclined to negotiate, especially if they are in a hurry to sell due to a job transfer or similar situation.
3. Tax Incentive: Buying before December 31 allows home buyers to deduct mortgage interest, property taxes and some of the costs involved in purchasing a home from their income taxes. For example, buyers may be able to deduct the points they paid to get a mortgage.
4. Downtime for Realtors, Moving Companies: The slower winter months mean they will have more time available to spend with the buyer. Moving companies may even be willing to negotiate their fees.
5. Ideal Time to Check Energy Efficiency: Viewing a home in the winter can give a buyer a decent idea of how energy efficient the home is. Look for drafts or excessive condensation build-up, which may signal a problem with the windows. Check the setting on the thermostat - a warm home with a thermostat that's not set too high may indicate that the house has good insulation.
According to a Time.com article the best month to make an offer on a home is January. The reasoning is that sellers "may have just received their credit card bills that reflect Christmas spending and may be feeling financially insecure", which may motivate them to negotiate more. The same article also suggests that Tuesday is the best day of the week to make an offer because the seller might start to worry that he won't get any offers from house hunters who saw the house the weekend before.
Regardless of when you purchase, you can always find the right mortgage here at First Community Bank and Trust. Our experienced loan officers are here to assist you in finding the right mortgage to fit your needs. Start by visiting our online Mortgage Web Center at www.firstcbt.com. There you can check rates, apply online, use our financial calculators or set up a rate watch. Of course you can always call us at (708) 946-2246 to speak with a mortgage loan officer to answer any questions you might have.