Plan On Buying A Home This Winter? Avoid Making These Mistakes

Posted on: 19 October 2017

While many people wait until the summer to buy a home while the kids are between grades at school, you may find yourself needing to move during the winter. While this can be a challenge with the snow and wet weather conditions, just be sure you do not make the following mistakes.

Mistake 1: Expecting A Deal

While the winter time is usually a slower time in the real estate market, you may assume that you'll be able to get a deal from a seller that is eager to get rid of their home. Be aware that this is not always the case. Having high expectation for a good deal on a home could cause you to miss out on homes that are up for sale. Negotiate the price of the home just as if it was the summer.

Mistakes 2: Not Watching Big Holiday Expenses

One of the warnings you may have heard about is to watch what you spend when you are applying for a mortgage. Your credit could be pulled at any time during the mortgage approval process, so you do not want to raise any red flags with big holiday purchases. While you may be excited to surprise somebody with a big gift, taking on more credit card debt could cause your mortgage approval to be denied.

Mistake 3: Not Planning For Delays

Be prepared for the home buying process to take a little bit longer to go through, especially when purchasing a home around Christmas. For example, you may not be able to schedule a viewing, appraisal, or inspection because the sellers are hosting a holiday party. Your agent may not be available to answer questions because they are on vacation. As long as you expect some minor delays and accommodate for that with a longer lock on your mortgage rate, everything will be fine.

Mistake 4: Not Making A Conditional Offer

Winter weather will pose some problems for properly inspecting a home. You may not be able to get a good look at a snow covered roof, and you definitely won't be able to test the air conditioner in cold weather conditions. Make sure that your offer is contingent on certain items being in good condition when you test them in warmer weather in the spring, and have a plan to be reimbursed if those items are later discovered to be damaged. Your agent can let you know of certain things to place conditions on during negotiations.