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While springtime brings many new listings to the market, there are a few other things you can expect to come with it as well – and you just may decide it’s better NOT to wait. Here are the 3 main benefits of buying a home this winter:
1) Home Prices are Rising
Home prices have increased approximately 4.2% in the last 12 months according to the NYS Association of REALTORS. Prices are projected to continue rising through next year. Buying sooner rather than later may be the best option for your finances. Come springtime, you just may be looking at much smaller square footage to fit your budget or else simply paying more for what you want.
2) Mortgage Rates are Increasing
Currently the mortgage interest rates are around 4.8% and have been on a steady incline since April – increasing approximately .25% every 3 months, according to HUNT Mortgage Consultant, Stephanie Callari. She warns that if rates continue at this pace, we can expect them to hit 5.25% – 5.5% in the spring. Many buyers are surprised to learn how that translates into their monthly payments: a .25% increase in rate affects a monthly payment approximately $16/month per $100,000 loan. Buying before the next rate hike will keep your monthly payments lower for what could be the next few decades.
3) Fewer Buyers are Searching
You and I are not afraid of a hearty winter, are we? Apparently many people aren’t so excited about trekking through the blowing snow to look at houses. But that happens to work the market in favor of the serious buyers. Fewer active buyers in the winter means less competition for the serious ones. Come springtime, many more buyers will come out of hibernation to look for a house…. and they just might be interested in the same one that you are.
Buyers, don’t wait! It could be in your best interest to buy a home this winter. So let’s put on our snow boots, grab a hot coffee, switch into 4-wheel drive, and find your new home!
