Five Reasons Why House Hunting In December Might Be A Great Idea
When it comes to housing market, the iron is hot when it’s cold out.
A new house might be a little too big to be a stocking stuffer, but that doesn’t mean it shouldn’t be “the season” for the gift of real estate. And while you might not think of winter as the ideal time to buy a new home, now can actually be the time to ditch the carolers and call your local real estate agent. Here’s why.
- Bargain Hunters Paradise
With the distractions of holiday shopping and parties, the marketplace goes quiet, making it an excellent time to find deals. Less active buyers means properties are priced to sell, and home buyers are less likely to encounter multiple offers and bidding wars that drive up the price.
- Attractive Loans
The lack of buyers can also result in a lack of home loans, making December a slow month for lenders. The lull in buying gives the remaining consumers useful leverage to negotiate the best possible mortgage with their brokers. For example, loan officers may be inclined to “sweeten the deal” by offering incentives to buyers, like waived or reduced fees. The decline in transactions during the holiday season also has another added benefit—less buyers means less paperwork, which makes for faster turnaround times on paperwork. Because of this, sellers may be more willing to haggle on the price for a close in under 30 days.
- Selling With A Purpose
Savvy buyers aren’t the only ones who know that December makes for a buyer’s market, which means that if a seller lists their property anyway, there’s a good chance there’s a reason they aren’t waiting for the New Year. And while it may be viewed as opportunistic, factors like a job relocation or a change of financial circumstances can make a seller more agreeable to negotiations and concessions—or to accepting a below asking price offer.
Saving on the bottom line is great, but the savings for an end of year home buyer don’t have to end there. A buyer that closes on their home before December 31st can deduct “property taxes, mortgage interest, origination points on your loan, and interest costs”—all while still accumulating equity. The result of all these deductions can mean big savings to put towards paying off loans faster…or at least a couple more presents under the tree.
- Open Schedule
One of the best parts about the holidays is time off for many “nine-to-fivers.” Why burn those hard-earned vacation days and much-needed weekends to go to listings and showings when you can use the office days off instead? Not only is the buyers’ schedule more flexible—chances are, this is also the case with your real estate agent and even a moving company.
When it comes to real estate, December is the season of giving, which means you can be “Home for Christmas”—or, perhaps, just buy one.
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