Common Mistakes to Avoid Purchasing Your Winter Home During
Winter is a great time to purchase a home because there’s less competition, sellers are anxious to sell, and the odds of getting a good deal on a home is higher than it is in summer. But this doesn’t mean that buyers shouldn’t practice caution when choosing a home to purchase during this time of year.
As you will see, there are some mistakes that can be made that can turn your dream of home ownership into a nightmare. Here are three common mistakes you will definitely want to avoid when you’re trying to purchase a home during the winter.
Taking on Holiday Debt
Celebrating the holidays isn’t about buying and getting gifts, but if we’re being honest, that is a very big part of it for most families. And as a result, it is not uncommon for families to find themselves taking in extra debt during this time of year to ensure everyone in the family gets the gifts they want.
But, if you are looking to buy a home this winter, then taking on that extra holiday debt could quickly sideline your dreams because it will increase your debt-to-income (DTI) ratio. Depending on how much debt you acquire over the holidays, you can wind up getting a higher interest rate on your loan or you may even be denied the loan altogether.
Being Inflexible
Buying a home in winter can result in challenges that don’t exist in the spring and summer. For starters, there’s the holidays you will have to contend with. The holidays can interfere with things like house showings, lender business hours, and closing dates. Inclement weather can also wreak havoc on these things. On the other side of the coin, a seller might want to accelerate the sale, so they can progress on the buying of their next home. Regardless of the situation, if you aren’t flexible with your schedule in the winter, you could see someone else being handed the keys to your dream house.
Making a Lowball Offer
Winter is one of the best times to potentially score a great deal on a home, but that doesn’t automatically mean you’re guaranteed a steal. Ultimately, it all depends on the seller.
In some cases, when a seller doesn’t offer a discount, a buyer might be tempted to create their own discount by making a lowball offer. This can be a big mistake. You run the risk of offending the seller and losing your chance at buying their home. Never assume that the seller is desperate to sell because people sell their homes in the winter for a wide range of reasons, not just because they need to get out from under it.
Getting the Home You Want, This Winter
If you’re in the market to purchase a home this winter, make sure you don’t fall victim to any of these mistakes. Each one has the potential for ruining your experience and blocking you from getting the home you have always wanted.
Keeps your odds up by protecting your DTI by not taking on added debt over the holidays, being considerate of sellers and real estate professionals by staying flexible, and working with your realtor to create a competitive offer that won’t offend the seller. There’s a lot that goes into buying a house, but keeping these three mistakes out of the picture will be a great start to the process.
