Pitsfalls to Buying Homes In Winter

Winter isn’t exactly known as the best time to buy a home, but it can be a great time to steal a deal on a home. Be careful though, there are several mistakes that can happen during your winter purchase, so watch out for these.

Too much Holiday debt

Holidays are meant for buying, but be careful not to accumulate too much debt. During your process of buying a home, do your best not to add to the debt you’re already about to undertake. Even if you have good credit, adding to debt through holiday shopping will change your debt-to-income ratio, which could change your monthly payment, or even disqualify you from your preapproval.

Forgetting to see the big picture

Homes aren’t always the most appealing during the winter with their leafless trees and dead lawns. It’s important to visualize what a home would look like during their better months when they have leaves, and the yard is in shape.

Oblivious to closing date delays

Winter home closings are important because there are usually always dates to be paid attention to. There are a lot of concessions buyers ask for that cannot be completed due to too much snow, or too low of temperature. This can pose quite the problem when the closing date is fast approaching. Pay attention to dates, and keep a realistic idea of when repairs can be completed against when the closing date is.  

Making lowball offers

Don’t think you can get whatever house you put an offer on just because the season is winter. Yes, real estate is slow in winter and buyers aren’t offering like they are in summer, but this often means inventory is lower too. So because inventory is lower, so are buyers, and the competition out there isn’t much different.

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