With everything you have to do during the holiday season, should you really try buying a house as well? While many people find the prospect of buying a house during the holiday season daunting and stressful, the holiday real estate market can be a goldmine for those willing to dip their toe in the proverbial pond. Why should you buy a house during the holidays? Here are the top 5 reasons you may want to consider giving it a go this year.
You Are in a Stronger Negotiating Position
Want to be in the driver’s seat when buying a home? Then the holiday real estate market is perfect for you. There are fewer house hunters on the prowl during the holiday season, which puts those willing to forgo a few holiday parties and shopping trips in a great position. Less competition means lower prices, little chance of getting into a bidding war over your perfect house and less overall stress. Buying a house during the holidays is the perfect way to pick up a real bargain. Another benefit- January is the best time to get great deals on decorating, home improvement and big ticket items you may need for your big move, such as furniture.
More Favorable Mortgage Terms
Because there are less people buying a house during the holidays, there is less demand for mortgage money. This means lenders may be more willing to eliminate some of the fees associated with getting a mortgage. You may also be able to save some points by buying a home during the holiday season. Because it is the real estate markets slowest time of year, it may be easier to schedule inspections and lock in your price and interest rate. As always, shop around to several lending institutions for the best overall deal when buying a house during the holidays.
Slipping in that last minute year-end tax deduction is another reason buying a house during the holidays makes sense. In order to take advantage of possible tax deductions though, you must close on or before December 31. If you make the deadline you may be able to claim deductions for the interest on your first mortgage payment, even if you don’t make that payment until after the new year has begun. You can also deduct the points you paid on your taxes.
As the year draws to a close and home sales dwindle, those buying a home will find that things get done much faster than during peaks in the real estate market. This includes closings, even foreclosures and short sales. Mortgage lenders have more time to devote to each transaction. Lenders are also trying to close the books on the old year meaning a faster, more efficient closing process for you.
If you are house hunting during the holidays you will certainly experience a different breed of seller than at peak real estate times. The holiday season features serious sellers who are motivated to close on the deal and move on. This is especially true of sellers who have had houses on the market for a long period of time. Sellers are generally more willing to negotiate price and other related costs during the holiday real estate market. You may even be able to negotiate for extras like appliances. Sellers are also eager to claim their tax incentives for selling their house before the end of the year.
For information on staging your own house for sale this holiday season, see the follwing articles:
How to Stage Your House During the Holidays: Tips for Decorating Your House for the Holiday Real Estate Market
Simple Tips for Cleaning Your House for Sale
Simple Tips for Landscaping Your House Before a Sale