Split-Expense Planning for Couples and the Winter Homebuying Advantage
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What are the advantages of winter homebuying?
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managing your finances as a couple can be complicated. Add an age gap and hopes of an early retirement into that mix, and things get even more difficult to navigate. Welcome to NerdWallet's Smart Money Podcast, where you send us your money questions and we answer them with the help of our genius nerds. I'm Sean Piles.
And I'm Elizabeth Ayola.
How can couples effectively split housing expenses?
Later on this episode, we're going to be helping a couple work through how to manage their expenses, and we'll be doing that live. But first, our weekly money news roundup, where we break down the latest in the world of finance to help you be smarter with your money. Our newest colleague, Anna Helhosky, is back. Hello, hello, hello, Anna.
Hey, Elizabeth and Sean. So today we're going to be joined by mortgage writers Abby Badek-Doyle and Kate Woods to reflect on home buying and selling during the winter and what they're keeping an eye on in February. That's the month when the market comes out of winter hibernation. Welcome back to both of you. Oh, thank you for having us. Thanks, good to be back.
What are the financial implications of an age gap in relationships?
So let's zoom out for a second. December through February is usually the slowest time of the year for home buying and selling. And I know I slow down in winter, but why does the market slow down too?
A lot of it is just human behavior. Winter is hibernation season and, you know, we have the holidays and then in January you might need time to recover from the holidays. And just in general, people don't love moving when it's dark and cold and possibly snowing. Parents tend to avoid pulling their kids out of school mid middle of the year. And all of that kind of leads to a general sense of like, well, if we've made it this far, like we might as well just wait till spring.
Yeah, the winter market has fewer buyers, but it also has fewer sellers, which does mean lower inventory. So often people who list their homes in winter are doing it because they have to, not necessarily because they want to.
How can couples prepare for retirement together?
So winter sellers who list in the winter are often dealing with a big life change, could be a death in the family, a divorce, maybe relocating for their career.
So if there's fewer buyers and fewer sellers, who has the upper hand?
I'd say buyers tend to benefit the most from less competition. That's a big advantage. And there might be fewer homes for sale, but they tend to stay on the market longer in the winter. So in the winter, buyers have a better shot when they want to make an offer. Like in peak season, you might be competing with a handful of offers, but in the winter, you might be one of two offers or maybe even the only one.
Exactly. Average home prices tend to drop in the winter too. So seasonally, December through February, prices are about 16% lower than when the market's at its peak in June.
What should buyers be cautious about when buying a home in winter?
That's according to numbers from the National Association of Realtors.
There's no buyer on the planet who's going to complain about less competition and lower prices, but is there some kind of catch? What should buyers be cautious about?
In the winter, you really have to do your due diligence at the walkthrough and at the home inspection. Snow and ice can hide a lot of major issues. For a recent NerdWallet story, I interviewed a real estate broker from Valdez, Alaska, and she tells her buyers, when the snow melts, am I going to find an old car hiding out there in the woods? Your surprise reveal might not be that dramatic, but even a little bit of snow can hide major problems with a property. Things like roof or siding damage, cracks in the driveway or in the sidewalks, drainage problems in the yard, or even septic system issues.
So you can use that winter weather to your advantage, though, since after all, you're going to be living in the place year-round, so long as it's not your second home.
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Chapters
8 chapters
1
What are the advantages of winter homebuying?
0:01–0:51
2
How can couples effectively split housing expenses?
0:51–1:26
3
What are the financial implications of an age gap in relationships?
1:26–2:15
4
How can couples prepare for retirement together?
2:15–3:02
5
What should buyers be cautious about when buying a home in winter?
3:02–4:00
6
How does the mortgage market affect homebuying decisions?
4:00–4:45
7
What are the options for couples with differing retirement timelines?
4:45–5:24
8
Why is estate planning important for couples?
5:24–39:35
Speakers
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