What property types should you consider when buying a home? Here are some key factors to understand when making your decision!
Attention, all new home buyers! If you’re entering the housing market this winter, you may be wondering how to best prepare. Is the winter market any different than the other seasons? What should you keep in mind as you navigate the process? While every home owner will have a unique purchasing experience, there are some common tips that will help everyone’s journey to homeownership. Here’s what you need to know as you gear up to enter the cold and secure that perfect house!
#1 Look beyond curb appeal
Curb appeal is a very important part of a home to evaluate. It reveals the state of the property’s yard, driveway, doors, windows, and much more. We always recommend taking the time to check out these features when you’re touring a home. However, wintertime is usually dark, gloomy, and messy. Snow, salt, and slush don’t help a home look its finest, and this is not the fault of the current owner. If you think a property looks a bit dull or gloomy, take a moment to consider why. Try to look beyond the most superficial parts of curb appeal and focus more on the state of the property. If the home is in great condition, this might be an indicator that its less-than-beautiful exterior is simply down to the season. However, a home that is truly not in good shape will also reveal itself upon closer inspection.
#2 Be patient with the market
Winter is typically the least busy season for the housing market. Frigid temperatures make sellers hesitant to take on a big moving day, and buyers don’t want to go out in the cold to view properties. For new home buyers, this can feel a bit frustrating. After planning for so long, you can’t even find many properties you’re interested in. Be patient! Although winter sees less activity, sales do still happen. You just might have to keep a closer eye on new listings, because homes that suit your needs may be harder to come by. Properties tend to go on the market all the time in the summer months, but the winter is simply just a different game. At the end of the day, you don’t need to rush into homeownership. Make sure you take your time finding the house you want to call home.
#3 Remember your purchasing power
We are used to being firmly in a seller’s market, thanks to those wild years of historically low interest rates and skyrocketing housing prices. However, things have shifted since 2022. Sellers don’t hold all the power anymore. Rate hikes and a slowdown in price increases have helped balance the market somewhat. Plus, winter brings along fewer buyers, meaning a seller doesn’t have as much freedom to ask for a ridiculous purchase price. As the buyer, you have some negotiating power in terms of your offer and contract. Your real estate agent will help you determine how to advocate for yourself in the market:
#4 As always, use a mortgage broker
New home buyers and repeat buyers alike should always know to contact a broker for their mortgage needs. Buying a home is a complex process, and you need a mortgage professional to help you find the right lender, product, and rate. We have helped countless first-time buyers achieve their goals and dreams of homeownership. Our commitment to you means you are always getting the best guidance!
For new home buyers, there’s always a lot to keep in mind. The housing market can feel a bit overwhelming at first, and that’s perfectly normal! The important thing is to connect yourself with real estate professionals who will act as your support system throughout the process. This will make your journey much smoother and less stressful. We make sure that even in the winter, you can have a successful purchasing experience!
If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.