The winter season tends to slow down the real estate market which can be advantageous to those willing to house hunt during these cold months. There tend to be fewer buyers in the market and the industry tends to slow down as a whole. The spring and summer months are when the housing market is the busiest, this is especially accurate in Southern California.
There is more competition for home buyers making it tougher to get offers accepted. There also tends to be a pump in housing prices and even interest rates during these spring and summer months. Should you go house showing in this winter? Quite possibly!
At the start of this year, we have seen a dip in interest rates which has brought them to their lowest point in over a year. This means buyers can lock in lower monthly payments and increase their purchasing power. Also, to their advantage is less competition.
Sure, you may need to compete with a handful of individuals to get an offer accepted but you won’t see the large piles of offers that houses were receiving in the spring and summer.
Ultimately, your personal situation will determine when the best time to purchase a home is but we do advise that you do not go into hibernation during the winter. Get yourself pre-approved for a mortgage loan and stay proactive for the right home to come on the market. For further questions about the mortgage pre-qualification process, please do not hesitate to reach out to us to discuss at #(760) 930-0569.