Winter is traditionally the slowest time of year for real estate sales and purchases, especially in colder climates, such as what we have here in West Michigan. While our temperate climate and northern location lend themselves to the lovely experience of all four seasons, many people dread the last season of the year: winter.
Moving in the dead of winter is also something many people dread, but without good reason. In fact, unless we're talking about moving in the middle of a blizzard, winter may be a better time to move overall. As long as you make a point of shoveling any snow and ice from the walk, porch, and stairs, there's not really a substantially bigger risk of injury. You won't face oppressive, exhausting heat and humidity while carrying boxes or furniture. Here are three other reasons why buying a home during the winter months makes great sense.
3. Moving companies may offer better specials for their slow season. Ditto on home inspectors, furniture stores, and other businesses that depend on people moving home or fixing up/changing their current home. Although plenty of people still have to move house because of a change in employment or marital status, the winter months are still slower than the summer ones. These companies still have staff salaries and other overhead bills to pay, so the chance of getting a great deal on secondary services (other than the home itself) increases during the coldest part of the year.
2. Inventory may sit a little longer on the market. This summer, the West Michigan real estate market and particularly the Grand Rapids real estate market, were very hot. So much so, in fact, that some potential homeowners really felt the pinch, seeing a house and making an offer the same day, only to discover its owners had already accepted an offer and the house, while not sold, was no longer really “one the market.” Thanks to the slight slowing of sales in the colder months, potential homeowners can breathe a little easier when it comes to making an offer on a home they think could be the one for them. Of course, there is still relatively low inventory, so moving quickly once you've made up your mind is still of the utmost importance.
1. Take advantage of low interest rates before the Fed hikes them at the end of the year. There's been a lot of chatter recently about the Federal Reserve bracing to raise the prime rate. When they do that, it will have a dramatic impact on the monthly payments attached to mortgages, especially those with variable rates. Right now is a great time to lock in a great, fixed rate on your mortgage, and the only way to really do so is to close on your home purchase before the rates go up.
No matter when or why you're looking to move into a new home, whether it's a work transfer to West Michigan, a change in your family situation, or a desire to change neighborhoods, winter can be a great time to do so. This year, in particular, should be a great year to move during the winter, thanks to the mild winter likely headed our way due to El Nino. If you're in the market for a new home, make sure to get in touch with the professionals at Pyxis Realty, who can help make the home buying process smooth and simple.