Posted on Nov. 7th, 2015
Boston housing prices tend to slow in the winter months. There are not as many buyers during this time period and fewer homes for sale, because it’s the dead of winter according to home buying experts. The slower business makes it an ideal time to shop for and buy a home. Here’s why buying a house in Boston during the winter months makes good sense.
Buyer’s market
In most time of the year, the Massachusetts real estate market is still a seller’s market. In some hot areas, most of the houses can receive multiple offers just after being listed in the market. However, in the winter, the asking price for a home in the Massachusetts real estate market can be lower. A small difference in price can still add up to thousand sin savings for the buyer. You’ll also be able to get a lower mortgage cost which increases your savings. Over the coming years, you’ll have more money as you won’t be putting it all towards paying off the mortgage.
Less competition
In the winter not as many people are looking for homes so great deals can be made. You may be able to get that dream home you want for a much lower price than if you bought it in the spring or summer when demand is higher. During the cold months some of the best deals on a new home can be made. Banks want to get foreclosure homes off the books before years end for example, so this is another area where you can save a lot of money on your new home.
Motivated sellers
If you’re selling a house, the popular wisdom is to list it during the spring and summer. People listing their house in the winter might be doing it for important personal reasons. Perhaps they’re relocating for work, dealing with financial issues or splitting up with a spouse. Because they could be anxious to get a deal done, you might be able to better negotiate on selling price or speed through a closing.
Timing
During the spring and summer the prices for homes peak. By purchasing in the winter, you’re buying at an off-peak time and naturally the savings will be there. The seller is more likely to bargain with you if they are anxious to sell the home right away. Ask your Boston real estate agent to help you find homes during ther winter months and start negotiating the price. You may find that substantial savings can be made if you buy in the winter.
Better Perspective
By looking at a home in winter, you can see how warm the house it. You’ll be better able to see how weather proof the home actually is. You can inspect the fireplace. Check the windows for drafts and so on. This makes it easier for you to judge the functionality of the home. You want a home that can withstand the harsh winters typical of the Boston area.
The Boston real estate market in winter can offer you tremendous deals. You may be able to save thousands on buying your home and even be able to get a better mortgage rate. Shopping for a home in winter may be the best way for you to pick up a nice home at a cost that works for your budget and needs.