During the holidays, it can seem like to-do lists start growing to lengths that rival Santa’s own iconic list – should buying a home during the holidays make it onto yours? Between shopping for presents, trimming trees, and hanging lights around wherever you currently call home, it may seem like finding your dream home is a wish even the most industrious of elves would find a challenge. Here’s a little secret, though: it’s actually a great time to buy a house! Here’s four reasons why:
- Your competition is busy decking the halls. Many potential home buyers, either consciously or unconsciously, put their searches on hold until “after the holidays.” That nebulous pause, which stretches from mid-December to mid-January, reflects in the market and reduces the competition you’ll face when putting in offers. This, in turn, can translate to a faster closing with a price that sits closer – or even below! – your home buying budget. Whether you’re looking for a little desert getaway in Arizona or a sprawling Texas ranch, the holidays can actually end up being the best time to browse at your leisure, rather than scrambling to beat out other offers.
- Sellers are more anxious to sell. That same desire to concentrate on the holidays and spending time with family extends to sellers, too! Most sellers would love nothing more than to share the good news as presents are unwrapped, or even to make it part of the big reveal on Christmas morning. Feeling the pinch of holiday costs can be a subtle nudge to accept offers they might otherwise hem and haw over, as well: in other words, they’re a little more likely to have their “listening ears” on for your offer. Taking advantage of this lean time could mean snagging that Michigan lakeside home or Florida condo quickly and more easily than you might have a few months later.
- There’s still time to make it a tax benefit. With the end of the year fast approaching, if you can make your offer in early December and move efficiently to close before January 1st, you’ll be giving yourself an unexpected holiday gift! All those write-offs from the home-buying process will make it onto the current year’s taxes, starting off the new year on excellent financial footing. Tax refunds and credits will roll in around early spring, when the financial responsibilities of your new home will start settling in a little more firmly.
- There’s a good chance at landing a great interest rate. Because there are fewer buyers going through with their purchases over the holidays, lending institutions also feel the pinch of reduced client loads. That means many are eager to offer attractive interest rates to the buyers that do move forward in their searches. Remember, much like home buyers looking to situate their purchase on the current year’s taxes, these businesses are eager to end the year on a financial high note.If you’re ready to make your holiday dreams come true with a new address, trust the Potempa Team for your mortgage service needs this year. Our straightforward mortgage process, industry experience, and professionalism have landed us squarely on Santa’s “Nice” list, and we’re ready to put a bow on your home-buying search.