November is here which means winter is just around the corner! While it’s true things slow down in the winter, whether it be staying in by the fire on a blustery night, or home buying, that’s not necessarily a bad thing. Here’s why:
Because not everyone is willing to look at homes in Vermont's winter weather, that leaves winter buyers with more opportunity to be selective. While this may mean less inventory to choose from, the chances of buyers successfully buying any home are higher during the winter. Fewer buyers mean fewer competitive, multiple offer situations – meaning less chance for someone to swoop in and top your offer. This is also a benefit to sellers as decreased inventory means less competition for you as well!
Generally, sellers that have their home listed during the winter months are more serious about getting it sold. This means you may be able to get a better deal than you would in the spring and summer months. Make sure to think strategically about your offer because you don’t want to offer an unreasonable amount and sabotage yourself.
Use the cold weather to your advantage
Vermont winters aren’t for the weary and neither are Vermont homes. Use the weather to your advantage by looking at homes in not-so-favorable weather. What better time to find out if the windows and doors are drafty, how weak the insulation is, or if there are problems with ice dams. You can't do that when previewing homes in the spring or summer, but winter is great for that!
It is important to remember; however, the things you can’t see. That is why it’s important to gain information on when the roof was replaced last, the condition of the deck if there is one and whether the septic tank has been serviced or not. Those are items on the checklist that may not be as easy to inspect with frozen ground and snowfall.
First-time home buyer’s advantage
While inventory drops about two-thirds on average during the colder months, that’s not entirely true for first time home buyer inventory. Less-expensive homes actually see an increase in inventory of about 7 percent in the last three months of the year, as compared to the spring. This means if you are on the hunt for a starter home, the winter can actually be the perfect time of year to buy!
Mortgage rates have been at historically low levels for quite some time, so the odds of them increasing next year is viable. Taking advantage of the current rates is a very smart move!
Ready to take the home-buying leap? We're here to help - even through a snowstorm!
Visit our Buying page for more information on how we can help you navigate the home buying process, and reach out to us to schedule your free consultation and let us help you get started!
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