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Buying a home during the Thanksgiving and Christmas holiday season can end up being one of the best deals you can make. If there is a home for sale during this time, with all the baking, shopping, visiting, and partying, it is usually because the sellers really need to get it sold fast. These are motivated sellers. There is most likely a job relocation or a time-sensitive issue that puts the buyer in a position to negotiate, thus, the seller will get a great deal.
Less competition, lower home prices, faster closings, and the year-end tax advantages make this a most desirable time to buy if you are ready. While the inventory may not be what it is in the spring, negotiating a favorable price will be much easier.
Closing on a new home before December 31 will bring tax benefits. Deductions can be itemized such as points paid upon closing, property taxes, and mortgage interest rates. If you happen to be moving for employment, expect even more tax breaks. For instance, even the costs associated with hiring a local moving company can be itemized.
Another fact is that everyone involved with the sale, including the sellers, realtors, title agencies, banks, inspectors, and lenders wants to wrap the deal up before the holidays. This time of year brings about a much more focused and speedy process that takes longer during the rest of the year. It’s important to have a realtor who won’t be leaving for vacation during this time.
Favorable financing comes at holiday time. Interest rates on mortgages and loans typically hit a lower point around the holidays because fewer people are looking to borrow. There is historically, less financial business being done during December.
Choose a well-connected realtor. Fewer homes are listed between Halloween and New Year’s Day but a good realtor knows what is going on around town. There could possibly be many pocket listings.
Bonus comes in January and February bringing the seasonal sales. New furniture, appliances, decor, even next year’s holiday decorations!
The Bottom Line: Shopping for a new home during the holidays may not be conventional. But, time and time again, it has proven to find a home quickly, easily, and for a far better price.