I've heard there are advantages to buying a house in the winter. Why?
Buying a house in winter could save you money, says Mollie Birch, an agent and associate broker with Charlotte John Co. in Little Rock.
Here are some reasons why:
• Prices are often lower because sellers are usually more motivated.
"Especially if they listed it in the summer, haven't had any good offers yet, or they're being transferred out," Birch says. This is the time of the year when companies often transfer employees to different locations.
• Mortgage rates remain low. This is not specific to winter, but rates are starting to inch up again.
"They have been at an all-time low, and while they are going up a little, it is still so cheap to borrow money," she says.
• Saving time means saving money.
Time is valuable for the buyer, and managing it by limiting the time spent during the house-buying process can be challenging. During the winter, busy homeowners are looking to close quickly.
"More people are in town and you're not dealing with people going on vacation during this time of year," Birch says, adding that the paperwork involved often moves more quickly in the winter.
Birch says summer sales have their disadvantages.
She maintains that because it gets so hot -- and because people are more focused on going to the lake and taking vacations than on buying a house -- the summer sales process can take longer.
• Wintertime is also a good time to check the house's systems.
Make sure all the equipment and appliances are working properly, especially heating systems and fireplaces.
"The last thing a homeowner wants in the winter is a big expense to replace ... a heating and air conditioning system or a water heater," she said.
• There's less competition from other buyers.
With fewer buyers in the market in winter, there's less competition for what's available.
• There's the opportunity to see the house in inclement weather.
Winter can be tough on a house and the environment around, especially if we get snow or ice, especially in cases where only street parking is offered. "This is a good time to see how difficult it is to get to the front door or how steep the driveway might be," Birch says.
• Real estate agents usually have more time for their clients in the winter.
During the slower seasons, buyers can maximize time with their agents, lowering the chance they might miss any desirable properties that come on the market during this time.
Do you have a decorating or remodeling question? We'll get you an answer from an authority. Send your question to Linda S. Haymes, Arkansas Democrat-Gazette, P.O. Box 2221, Little Rock, Ark. 72203 or email:
lhaymes@arkansasonline.com
HomeStyle on 01/14/2017