Why You Should Buy a Home Over the Holidays
WHAT YOU'LL LEARN
The many pros of holiday home shopping.
Scheduling tips to keep in mind.
Disadvantages to plan for.
WHAT YOU'LL LEARN
The many pros of holiday home shopping.
Scheduling tips to keep in mind.
Disadvantages to plan for.
You may feel like buying a home during the holidays doesn’t make sense. You’re buying gifts, maybe traveling to visit family, and the weather can be messy.
But holiday homebuying can give you some distinct advantages. Here’s how, and why, to make your holidays even merrier with a new home!
Pros of Holiday Buying
Fewer buyers. Typically, there is less competition during the holidays, which makes finding a home a little easier. Other buyers are busy or out of town, or simply more mindful of their holiday budgets and not seeking big-ticket items like homes.
Motivated sellers. You could get a better deal because you have more negotiating power. Sellers are more motivated to sell as the end of the year draws near, so they may be willing to accept a lower offer. You also have options like temporary buydowns to help lower your interest rate.
Possible tax benefits. If you can close on your home before the end of the year, you might be able to write off some of the costs like real estate taxes and mortgage insurance. Ask your tax professional for guidance.
Possible better interest rates. Although markets are unpredictable, mortgage interest rates can go a little lower during the holidays because fewer people are looking for homes.
Faster closings. Your seller, agent, and lender are all looking to finish business before the end of the year, so everyone is willing to keep things moving to the closing table as quickly as possible.
Remember to plan your holiday travel in a way that allows time for homebuying. Although most business can be conducted virtually, you’ll need to have free time to dedicate to this important purchase.
Drawbacks to Remember
Budgeting. Chances are you’re spending more at this time of the year, but you’ll need to save for a down payment and closing costs on top of your holiday purchases. But we’ve got great tips on how to do just that!
Vacations and closed offices. You might be out of town during the holiday season, as well as your agent, seller, or lender (although your Mortgage Banker is always happy to help you!). Also, offices will be closed for federal holidays, so you’ll need to plan accordingly. Busy appraisers and home inspectors at this time of year may also cause delays.
Fewer sellers and listings. Inventory is usually down during the holidays, giving you fewer listing choices.
Weathering the weather. In many parts of the country, snow and ice may make home shopping more difficult, not to mention the shorter daylight hours to see listings. Holiday decorations can also make it harder to picture the home as you would like it.
Happy Homebuying Holidays
You might find that holiday home shopping really is the most wonderful time of the year! No matter when you want to buy, the best way to start is by getting pre-approved. Call us today to talk about it!