Articles and Advice

Avoid These Winter Buying Mistakes Unless You Want Coal

Winter isn't the most popular selling month, so buying a home should be easy, right? Here's how you can sabotage your efforts this winter.

The real estate market can slow down a bit during the winter, which can actually work to a buyer's advantage. Because there are usually fewer shoppers, you're likely to face less competition during the colder weather months. This means you may have more negotiating leverage or could have an easier time landing your dream home. Despite this benefit, the winter real estate market can also introduce some unique challenges. Here are some common winter buying mistakes you'll want to avoid when shopping this winter:

Making An Impulse Decision
Because there is usually lower inventory in the winter, buyers might have to look a bit harder to find a home that checks all the boxes. We encourage buyers to be patient and shop around. Don't make an impulse decision and settle for something that doesn't fit your expectations for lack of better options. You might have to wait a bit longer, but the right home will turn up.
Accumulating Holiday Debt
It can be easy to rack up extra debt around the holidays, but it's very important that you refrain from loading up your credit cards during your closing period. Significant increases in debt or changes to your credit profile can jeopardize your financing. Remember your preapproval is contingent on no changes to your financial situation.

Additionally, your new home may require some minor repairs, new appliances, or upgrades. You'll want to be sure to keep your credit card balances low in case you need to make an unexpected purchase.
Focusing Too Much On Winter Curb Appeal
Weather can really set the tone when visiting a new place for the first time, and homes can be no exception. A home's curb appeal can take a hit in the middle of winter. Trees and landscaping look a lot less vibrant and cold dreary day can impact your perception. Try to make it a point to envision what the home and neighborhood will look like with beautiful landscaping on a bright summer day. A home's curb appeal might have major upside during the spring and summer.
Submitting A Lowball Offer
While there may be fewer buyers during the winter, there is also lower inventory. Buying in the winter doesn't necessarily mean sellers are desperate. Submitting a lowball offer can be off-putting to sellers, and they may close the door for future negotiations. While you may be able to negotiate contingencies, avoid submitting an offer significantly under the asking price.
Setting Expectations Around Closing Times
The fall and winter also introduce some additional challenges when it comes to closing times. The holidays may slow down the closing process. Sellers may be traveling. Lenders, home inspectors, and contractors may be slower to respond and provide services. Be sure to set your expectations ahead of time.

The winter can be a great time to buy a shop, but buyers may face some unique challenges. Prepare yourself ahead of time and remember to be patient. You'll find the right home in no time.

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Avoid These Winter Buying Mistakes Unless You Want Coal

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