Although it’s tough to see through the early morning frost coating our car windows – spring home-buying season is nearly upon us. Get started right away: attend a home buying seminar and have your loan pre-approved (both offered through OnPoint Mortage Services), get connected to a real estate agent, and don’t forget your raincoat.
Here are four reasons why late winter is an excellent time to buy.
Fewer buyers to compete with. Winter is not a popular time to move. The weather is cold and dreary, and the inventory is low. For parents, school is back in full swing after the winter break. For all these reasons and more, it’s your chance to take advantage of the lull and get ahead of the game. You may experience rare benefits in this market such as more negotiating power and more time to consider putting an offer down.
More time with your real estate agent and lender. With housing competition as fierce as it stands now, it’s all the more important to find a good real estate agent and lender. Starting your search in late winter will give your real estate agent more time to assess your wants and needs for a house, and to help you find your dream home before the competition picks back up. You will already have your loan pre-approved and have a better idea of what you are looking for, so you can be ready to jump when that perfect house hits the market.
Note the effects of winter on the house. While viewing a house on a warm, sunny day may be much more pleasant – visiting a home during bad weather can provide a more realistic view of life in the home. For example, if you are in Bend and anticipate dealing with snow, you may pay attention to features such as how well the furnace heats the house on chilly days, the steepness of a driveway, and the amount of sidewalk to shovel. In Portland, where much of the year is consumed with rain and overcast skies, it’s helpful to see how well the roof and surrounding neighborhood streets drain the precipitation. In addition, it’s important to note geographic factors such as elevation and amount of vegetation that may affect the level of light that the house is exposed to during winter months.
Oregon is the most popular state to move to[i]. The city of Portland, in particular, is feeling these growing pains. Some reasons include an influx of tech companies (and their employees) settling in Portland, lower housing market prices than larger cities, and not to mention, the attraction of amenities the city has to offer. A growing population, unfortunately, means higher demand for housing, rising prices and more competition in the future. So beat the rush. Start your search this winter before the spring frenzy hits the market.
With rent prices rising and mortgage rates still at historic lows but predicted to be on the rise[ii], why not start the process now – lock in on lower rates and make your dream home a reality.
Author: Sarah Sims, Marketing Specialist | Marketing Services