If you're house hunting this winter, you're likely in serious need of a new home--and fast! You may be thinking this isn't an ideal time to be scouring the market, but in fact there are 3 key benefits that make winter real estate transactions very favorable.
1. Less Competition. Typically, unless buyers have a pressing need for a new home, they wait until spring to begin their search. This means that winter buyers have fewer competitors to contend with, less chances of multiple offers on their choice home and a much lower risk of bidding wars. These combine to create a money-saving tri-fecta for you!
2. Serious Sellers. Much like winter buyers, winter sellers have an urgent need to move. Often sellers have taxes in mind and are anxious to sell before years end. This means you'll have an easier time negotiating a favorable price and concessions.
3. Faster Mortgage Approval. Lenders tend to be less busy during the winter than any other time of the year. With less mortgage applications to process, they are able to approve loans faster. Many lenders also reduce fees during the off-season to encourage more borrowing. It is still important to shop around for the best rate and a lender that works well for you. We always encourage clients to finance through a local bank--our area is lucky to have a number of responsive, knowledgeable lenders who keep their clients best interests in mind. We suggest you begin your search with any of these great institutions: NEFCU, VT Federal Credit Union, Mortgage Financial, Union Bank or Prime Lending.