Winter 2023 is quickly approaching. Have you found yourself suddenly skipping over “the perfect time to buy” and landing on “it’s my time to buy” this season? While the current real estate market looks a little different compared to recent years, these five tips for buying a home this winter will help you start your search on solid footing.
Save up a substantial down payment.
In general, putting down about 20 percent helps lower monthly payments since you can avoid paying monthly private mortgage insurance fees. However, 5 to 10 percent is good for first-time home buyers, so work with your experienced Realtor to help you connect with potential lenders and other mortgage experts.
Stay on budget.
As mortgage rates and average home sales prices reach new highs, it’s important to consider the total cost of purchasing a home. That includes the down payment, home inspection fees, closing costs and other fees.
So, before you begin your search, establish a realistic budget. And while home prices may lower slightly at the end of the year, you should stick to your budget and keep your monthly payments affordable.
Narrow down what you are looking for in a home.
There are needs and wants. Think about the features you actually need in a home, focusing your search on choices that are the right size, have the appropriate number of bedrooms or have a flex room, for instance.
The good news is that in Lee County, based on October 2023 statistics, inventory is up 18.8 percent overall. Auburn, specifically, experienced a 31.0 percent increase in inventory, which means buyers do have more homes to choose from at the moment in our area.
Shop around when it comes to homes and financing.
More good news for local home buyers: not only are more homes on the market, you have more time to shop around. Homes in Lee County spent an average of 47 days on the market in October, which was up from 35 days year-over-year.
Since buyers may have less competition this time of year and more homes to consider, you could have leverage when it comes to making an offer. You should also shop around and think about various financing options, including credit unions, banks and lenders.
Not sure where to start? Check out our blog sharing questions to ask a mortgage lender, for starters.
Work with a seasoned local Realtor.
Finally, when it comes to tips for buying a home this winter, a big one is working with the right Realtor. Before you search for your next home, you should find a trusted and experienced local Realtor—like Ryan Roberts! With years of knowledge, current marketing understanding, negotiating skills and a strong network of industry professionals, your Realtor will help you every step of the way.
Summary
Now that you are familiar with our tips for buying a house this winter, are you ready to start your search in East Alabama? Contact Ryan today! For more community news, property showcases and local market trends, continue reading our blogs.
