A lot of my clients ask if it makes sense to wait to buy a home in the spring since most people buy homes in the spring and summer. However, the winter can be a fantastic time to buy a home because:
- You are competing with fewer buyers. One main reason why most buyers wait until the spring or summer to buy a house is that they don’t want to move their children to a new school district in the middle of the school year. However, this shouldn’t be a limiting factor for you if you don’t have children, or if your children are too young (or old) to go to school.
- You are positioning yourself to benefit from price increases in the spring and summer. Housing demand and house prices tend to increase in the spring and summer because that’s when most people buy houses. Therefore, if you get a good deal on the purchase of your home this winter, you’ll likely benefit when prices go up later in the year. This sure beats getting stuck on the losing end of a bidding war or price increase!
- Interest rates and your mortgage payment may go up if you wait. Nobody has a crystal ball, but most economists are expecting interest rates to increase into next year. You may benefit by locking in at a low rate now.
About the Author
David Reznikow is a loan officer at Fairway Independent Mortgage. A Brookline native and BHS graduate, Reznikow is currently a Newton resident but has remained part of the Brookline community. As a Brookline Chamber of Commerce Director and business member, Reznikow has had the opportunity to add to the vibrancy and diversity of the business community while helping to raise funds for local charitable organizations through many Chamber initiatives. Both Reznikow’s parents have businesses in Brookline, still live in the home where they raised three children, and can often be found playing with their grandson, Cameron, at Dean Park.