It sounds terrible to move houses during one of the busiest times of year, but that’s actually one of the reasons why you should. Since very few other people are buying homes in December, whether due to the cold temperatures or festivities of the holidays, the housing market turns to buyers’ favor. Here are just six of the top ways the holiday season works in your favor as a homebuyer.
Those reasons you might hesitate to look at homes during the holidays are the same reasons you’ll have a lot less competition. For most of the year in Middle TN’s housing market, you could lose an offer on a house overnight or even within a few hours. During the holidays, however, there are fewer people shopping for homes, which means the battle isn’t as difficult. You can potentially close on the first house you put an offer on.
Everyone involved in the closing process is more eager to get everything done before the new year starts. Lenders want the loan to be on the current year just like realtors want their commission to be on the current year. And with everyone motivated to close as soon as possible, things get done more quickly. Also, since business will be slow due to fewer houses closing, more professionals will be available to complete the closing process. That means you won’t have to wait as long to get an appraisal, home inspection, title, etc. Their schedules will be open to get the job done almost immediately.
Better Interest Rates
Interest rates fluctuate a lot throughout the year, but they generally go down closer to December before rising at the beginning of spring. If you can lock in that December rate now before January, you’ll be able to enjoy your first year with that lower interest.
Typically when people move into a new home, they want to buy new things such as furniture and other home items. During the holidays, more sales are offered, which means you get to purchase more items for less money than throughout the rest of the year.
Buying before next year can help save you money in April when tax season rolls around. Homeownership brings along with it multiple tax perks to help you save money, from deducting mortgage interest to property taxes. Also, keep in mind that many closing fees are tax-deductible if you itemize them. Just ask your accountant beforehand to make sure you can get a break in your situation.
Homes are Cheaper
At this time of year, homes are priced more competitively with so few on the market and so few people looking to buy. Most people don’t sell their home during the holidays for no reason. They are typically needing to get it sold fast for reasons such as a new job or other pressing need to relocate. That means that they’ll be more desperate to sell and willing to accept a lower offer.
If you’re ready to start looking at homes to buy, give us a call. We’d love to help you get the process started and answer any questions you may have about buying during the holidays as well as any reasons why now may not be the best time for you.