Don't Wait! The Holidays Are a Fantastic Time to Buy!

While many of us tend to find ourselves lulled into a sort of coma during the holiday season from the over-abundance of food, shopping, and family gatherings, there’s something to be said for pressing forward with the home buying process.

Sure, waiting until spring is common; however, buying a home during the holidays is actually an extremely smart move, especially if you consider the following reasons:

1.) LOWER COMPETITION – Part of the reason that spring and summer are considered the best time to buy a house is because many families want to get their children settled before the school year starts; however, this rush to purchase creates a seller’s market that is marked by an abundance of competition for the best deals.

To the contrary, the holiday season creates a natural lull in the marketing cycle as many buyers take a bit of time off to enjoy the festivities. Although you may be tempted to do the same, it’s important to remember that if you’re serious about buying, you’ll most likely find lower prices and less competition for the same properties.

2.) HOPEFUL SELLERS – Less competition during the winter months means more sellers who are motivated to sell their homes. Therefore, if you are serious about buying, you’ll wind up with a hefty amount of negotiation power on your side, especially since sellers receive a tax deduction if they sell before the end of the year.

3.) LOWER INTEREST RATES ON MORTGAGES – Mortgage lenders are business people just like anyone else, so when the demand to buy homes drops over the holiday season, they often offer favorable mortgage terms to encourage buyers to take out loans. Therefore, if you’re looking to buy, make a point to do your homework on various lenders in your area and take notice of the reputable ones who are willing to offer you lower interest rates or fee cancellation in return for your patronage.

4.) TAX DEDUCTIONS – As previously mentioned, sellers receive a tax deduction if they sell before the end of the year; however, this also applies to buyers as well. If you wind up closing on a home before the New Year, you have a better chance of being able to subtract the interest portion of your initial mortgage payment. While there are some circumstances where this may not apply, it’s worth considering and speaking with a qualified tax advisor in advance to see if you qualify.

5.) SPEEDY CLOSINGS – Much like buying a car in November or December, lenders are inspired to expedite closings at the end of the year so they can close their books on a high note; however, closings also tend to happen faster because there are fewer industry transactions taking place at that time.

6.) WHY SACRIFICE YOUR SUMMER VACATION? – As much as we all like spending our summer vacations doing work—wait, that’s right…we don’t—wouldn’t you rather move into your new home during the winter so you can enjoy an abundance of summer activities? Plain and simple, while it may take a bit of organization and effort, if you do your due diligence over the holidays, you’ll be able to relax and enjoy yourself when the house-buying frenzy begins in the spring.

In the end, the holiday season truly is a fantastic time to buy, so it’s important to take advantage of it while it’s here. If you’d like some assistance or simply have a few questions you’d like answered, please feel free to contact me.

Pam Evans | Hello Pam Evans Real Estate | www.HelloPamEvans.com | 678-778-6551

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