Let’s face it – buying a home can feel like a challenge with today’s mortgage rates. You might even be thinking, “Should I just wait until spring when more homes hit the market and rates might be lower?”
But here’s the thing, no one knows for sure where mortgage rates will go from here. Waiting could mean facing more competition, higher prices, and a lot more stress.
What if buying now – before the rush – might actually give you the upper hand? Here are three reasons why that just might be the case.
1. Less Competition from Other Buyers
The winter months tend to be quieter in the real estate market. Fewer people are actively looking for homes, which means you’ll likely face less competition when you make an offer. This makes the process feel less rushed and less stressful.
According to the National Association of Realtors, homes sit on the market longer in winter compared to spring and summer.
Fewer buyers in the market means you will likely have more time to make thoughful decisions. It also means you may have more negotiating power.
2. More Negotiating Power
With homes staying on the market longer, sellers may be more willing to negotiate. This can lead to better deals for you as a buyer. That could mean a lower price or added incentives, like sellers covering closing costs or making repairs. Plus, when demand is lower, sellers often feel more pressure to work with serious buyers. This could give you an edge to negotiate terms that work best for your situation.
3. Lock in Today’s Prices Before They Rise
Historically, home prices tend to be at their lowest point in the winter months, too. According to data from NAR, home prices last year were at their lowest in January, February, and March – right before the spring buying season kicked in.
This trend isn’t new. Bright MLS shows between 2010 and 2024, home prices in January and February were, on average, 15% lower than during the month of peak home prices (typically June). Buying in the off season means you are more likely to avoid paying the premium prices that come with the high demand of spring.
On top of that, home prices generally appreciate over time, meaning they tend to go up year after year. That means if you are ready to buy and you can make it happen, you are not only taking advantage of what might be the lowest prices of the year, but you are also locking today’s price before it increases in the future.