When thinking about buying a home, one doesn’t immediately jump to the idea of buying one around the Holidays. Sure, we may do some poking around to see what’s out there. Maybe go on a few Real Estate Virtual Tours. But, to go and actually buy something, it’s not likely. After all, there’s already so much going on, why just add something as complicated as moving to the list? Well, there may be a good reason. 5 good reasons actually, why you would want to consider buying a home for the Holidays.
Reason #1: You Could Get An Amazing Deal
The best time to buy is when it’s a buyers market, right? Well, that’s exactly why the Holidays are a prime time to look into purchasing a new home. It’s rare that people are looking to buy during this time, making it harder for sellers to unload their home. Which is bad for them, but great for you. Reason being, most sellers will probably want to try and close a deal by the end of the year. So, there’s a higher chance they’ll give you that price cut or those upgrades and repairs included in the buying price. The idea of closing before the end of the year brings us to reason #2.
Reason #2: It Will Help With Your Taxes
If you have the good fortune to close before the end of the year, you can itemize some for the costs associated with moving. Such as Real Estate tax, and mortgage interest. In some cases you can even itemize costs that are associated with hiring a local moving company, if your move is work related. Trust us when we say you ‘ll appreciate the tax break now rather than later.
Reason #3: You’ll Have Less Competition From Other Buyers
This reason goes along with our first reason in some regards, because as we said before, there are not a lot of people looking at wanting to buy. Which gives you not only more advantage, but time as well. You no longer have to go from taking a Real Estate Virtual Tour on the computer, to making a mad dash to do the actual live tour before someone else snatches it off the market. Plus, you’ll have your pick of Real Estate Agents. Who are also just as motivated to help you find and buy a house before year-end.
Reason #4: You Might Get A Lower Interest Rate
Again, because influx of buying and selling decreases during the holidays, banks are more apt to give better interest rates in order to keep the borrowing rates going. However, there are a few things to keep in mind. First of all, you need to make sure you start your search for a bank earlier on. Banks have a tenancy to shut down at the end of the year, so make sure that a majority of the work is done before the business of the holidays start.
Reason #5: Sellers will want to close quickly
If a seller has a house on the market during the holidays, it’s more than likely for one of two reasons. One reason being that they’ve had in on the market for a while already, or two, they really need to sell it quickly. Meaning, they’ll want to close quickly once an offer is made. You’ll also have the support of your agent and the bank, because closing a deal by the end of the year is a win-win for everyone all the way around.
So, if you’re needing or wanting to buy a home, consider doing it during the holidays. You may find that not only will you get your dream house, but you can get it for your dream price as well. And that would definitely make it a very Happy Holiday indeed.