Lower Competition
One of the biggest advantages to buying a house during the holiday season is the reduced competition in the real estate market. The most popular time to buy a home is during the spring and summer months. Toward the end of the year the amount of buyers in the market is significantly reduces. This means there is a smaller chance of ending up in a bidding war over a property. You may also have more time to determine whether or not to place an offer on a house.
Lower Prices
Since there is less competition in the market during the holiday season, the prices of homes may also be more affordable. Sellers who are looking to close on their home quickly may be more willing to negotiate on price.
Lender Incentives
Mortgage lenders have goals quarterly and annually. Toward to the end of the year they assess how far off they are from reaching their annual goals. Most lenders have a big push to close more loans at the end of the year. This benefits buyers as lenders typically offer incentives to have you close your loan with them. Find out what incentives you can utilize while closing a loan this time of year.
Motivated Sellers
Many homes that are on the market during the holiday season have been listed for a longer period of time. Also, homes that were recently listed most often have sellers who are eager to close before the end of the year. Either way, sellers are quite motivated during the holidays to sell their home quickly. Many will want to close quickly and will make concessions for the buyer. Take advantage of this while negotiating on a property to get the home you want for a great price.
Tax Advantages
There are many tax advantages to being a homeowner. If you purchase a home before the end of the year you can claim some of the closing costs on your tax return. The money you paid toward mortgage interest and discount points can be itemized on your tax return. This may yield a higher tax return in the beginning of the year.
Although the holiday season is not the busiest time for buying or selling real estate. There are many advantages of buying a home during the holiday season. Consider the benefits to buying this time of year and give us a call if you want to take full advantage of what the holiday real estate market has to offer.