7 Advantages of Buying a New Home in the Dead of Winter
It’s common knowledge spring and summer are the most popular times to buy a home, so many mistakenly assume that’s the best time to get a good deal. This isn’t necessarily the case. With fewer shoppers in the dead of winter, you’re often in a better position to negotiate. Even aside from price, there are plenty of good reasons to shop for a home in the winter, as you’ll see in the following suggestions.
Builders are trying to meet their sales goals, and when they don’t have as many buyers, they try to offer better deals. You’re not likely to see an actual reduction in price, but you can probably make your money go a bit further. For instance, the builder might offer free upgrades to entice you into buying. Free upgrades aren’t always a good deal, but if it’s an upgrade you wanted – like landscaping or hardwood floors – then getting it for free is a big bonus. That frees up your budget to spend on other things you might not have been able to afford.
Feel the Warmth
One of the biggest advantages of buying a brand-new home is it will come with all of the latest technology to keep your home warm while reducing your heating costs. It’s hard to imagine just home much warmer a home can feel if you’re searching in the spring or summer. Come see what a difference quality windows and insulation can make.
Increased Quick Possession Inventory
Builders don’t stop building just because sales have slowed. They start building spec homes. Using their experience, the builder designs a home based on some of the more popular options and starts making that home a reality. These homes may be move-in ready or they may be just a few months away from completion. Since fewer people are purchasing homes in the winter, there are usually more of these “quick possession” homes available. While you may not be able to make design choices, you can take ownership of the home in a shorter period of time.
Timing Your Move or Home Sale
Families with children often want to move into a new home during the summer. This is one of the biggest reasons why the spring and summer housing markets are so hot. However, brand-new homes take time to build. If you’re looking to move in the summer, the winter may be the best time to buy so it will be finished before school starts. Planning to move into a new home during the summer can also mean listing your current home in the spring when you might have more buyers shopping around. Talk to the Area Manager in the neighbourhoods you like about the timeline for building.
Locking in Good Mortgage Rates
Mortgage rates fluctuate all the time, and you never know when there’s going to be an increase in the mortgage rates. When you shop in the winter and apply for a mortgage, you lock in your rates. Though you won’t close on your home until it’s built, you will still be able to take advantage of the rate you can get now. The slight difference in rates can make a big difference in making your mortgage more affordable over the lifetime of your loan.
When it comes to shopping for a brand-new home, fewer shoppers is a good thing. As you tour the showhomes, you don’t have to worry about crowds of people doing the same thing. You may be able to get more personalized attention from the Area Manager as you look at the home because they can focus only on you. This also means you have less pressure to make decisions quickly. Take your time considering different floor plans and building materials.
A Smoother Move
If you buy a home in the winter with the intention of moving in soon, you’re likely to find things go a bit easier. Most importantly, you’ll probably be able to get a great deal on a moving van. Moving companies should have plenty of availability, and they may even be offering specials because they’re short on business. Mortgage lenders and lawyers also have fewer customers to tend to so you won’t have to worry about mistakes with paperwork holding up the process.
There’s no single best time to purchase a new home. Every family has to make that decision for themselves. However, bargain hunters are likely to find some great deals in winter, so it’s worth spending a few cold weekends touring showhomes. You may just find exactly what you’re looking for.