Buying a home during the holidays presents unique challenges, but also offers some advantages. Here are seven reasons you may want to brave the holiday season and head out to find your next home.
7 Benefits of Buying the Home During the Holidays
If you are like most people, you have a lot going on during the holidays. That’s why it may seem counterintuitive to go shopping for your next home at the end of the year. But, while the holidays may be hectic and the weather unpleasant, there are some real benefits to buying during the holidays.
7You won’t have as much competition.
You aren’t the only one with a hectic schedule during the holidays. The busy time of year works to your advantage as a home buyer. A portion of buyers is going to wait until the holidays are over before trying to buy. The lack of buyers makes your interest more appealing to sellers. You are less likely to run into a bidding war because you may be the only one making an offer.
6You should be able to close faster.
Everyone involved in the sales process is motivated to get deals done before the first of the year. The seller may be relocating, which means he or she wants to settle into a new home before the year is over. Lenders are eager to get the loan finalized so they can add it to their books for the year. And Realtors and brokers want to be able to include the commission for the sale on their current year’s tax return.
Everyone has extra motivation to move the deal along as quickly as possible, ideally closing before the New Year.
5The seller is usually eager to talk to buyers.
Just like you, sellers know that the holiday season makes real estate deals a little more challenging. The fact that the seller is willing to brave the season means that he or she is serious about selling. The seller may have to move quickly due to work. Or, the seller may need to get the money from the sale before the first of the year.
Regardless of the seller’s reasons, you can expect the current homeowner to be as motivated as you are to get the deal done.
4Homes may be less expensive.
Generally, home prices are lower during the month of December. For all the reasons mentioned thus far, sellers are ready to make a deal and set prices accordingly. Of course, trends are not always consistent. It is possible that in a hot market like El Segundo that home prices could be high even in December. But they will probably still be lower than they are a few months into the next year.
3Interest rates are often better.
Every small bit of interest you save on your mortgage adds up to big money over the term of the loan. In most cases, interest rates tend to go down as we enter the month of December. Lenders want to attract home buyers at the end of the year.
2Your agent will have more time for you.
Fewer people are buying homes during the holiday, which means real estate agents have fewer clients. When an agent has fewer clients, it means you can get a greater percentage of the agent’s time and attention. Don’t underestimate this advantage. A motivated agent is more likely to find you the home you really want, and to fight harder on behalf of your interests.
1Holiday sales make it cheaper to furnish your home.
The holidays have every store competing for customers. Your favorite home furnishing stores may be offering great deals—deals that make it cheaper to furnish your new home.
Take Advantage of the Holiday Season
There are few guarantees in the real estate market, which means that some of the benefits listed above may not be true during the time you want to buy a home. However, most of the time you can expect to enjoy advantages as a buyer during the holidays.
If you have the will to juggle your holiday obligations with searching for a home, chances are you will enjoy at least some of these benefits.