Being at home for the holidays is one of the best things about the season itself. After all, there’s nothing like lying by a warm fire with hot cocoa in your hands, just listening to flames crackle. But many people don’t realize that shopping for the perfect home during the holidays can be a great idea. In fact, here are some reasons why you should consider house hunting when the temperatures drop.
Motivated Sellers and Agents
If a seller puts their home on the market in an off-peak season, like winter, that could be a major indicator that their sale is a time-sensitive one, possibly involving a job relocation that needs to happen as soon as possible. Because winter sellers potentially need to get moving, buyers could be positioned for a better deal overall.
Something similar can be said about real estate agents attempting to move properties around during the holidays. As the year begins to come to a close, agents are working hard to wrap things up in time for the end of the year to close their books out on a good note.
As most buyers believe the holidays aren’t ideal for house hunting, there is less competition surrounding this time of year. This gives you an upper hand, unlike peak seasons where a property might have multiple bidders. With less competition and offers for a property, sellers will more likely be open to negotiating a favorable price that can put additional savings in your pocket.
Motivated parties in the middle of a holiday home sale want to sell their homes as quickly as possible. In short, everyone is looking to “play nice” – sellers want to reach their new location before the holiday, buyers want a good deal and agents want to include their commission for the year. Make sure you’re prepared to make the closing process as smooth as possible by having all the necessary paperwork at the ready.
Home Prices Can Be Lower
Sellers looking to shed their home for the holiday are serious about getting things moving. This particular aspect can work in favor of buyers looking! Buying a home just the day after Christmas could save you as much as $2,500, according to Bankrate. In fact, Dec. 26 and six other December dates are among the top 10 best days to buy a home, based on median sales price and discounts.
Holiday homebuying isn’t for everyone, but the benefits may just make it the perfect time for some to start their homeownership journey. Ready to go ho-ho-home for the holidays? Contact one of our loan experts today to get started.