The number of work and family obligations that people have seems to skyrocket during the winter holiday months, so it’s no surprise that shopping for a new home is usually the last thing on anyone’s mind. However, there are significant benefits to buying a home during the holidays. It turns out that “the most wonderful time of the year” can also be wonderful for potential home buyers who are ready to dive into the real estate market.
Buying a home during the holidays can be a great gift for buyers – particularly those who live in a region with an active real estate market. Fewer people shopping for homes means far less competition for buyers. During the rest of the year, buyers who submit an offer on a home may find themselves competing with a number of other buyers for the very same home.
That’s usually not the case during the winter holiday months, so buyers have a better chance of actually obtaining the home of their dreams.
Fewer buyers often leads sellers to rethink and lower the price of their home, which is why home prices tend to be lower in December than they are the rest of the year. This means that bargain-minded home buyers can usually find a home that they love, without breaking the bank.
Sellers who don’t want the hassle of having their home shown during the holidays may take their home off the market and re-list it in the spring. However, for sellers who are selling due to an upcoming job relocation or similar, this may not be an option. This means that, if a home is still on the market in December, the sellers are likely extremely motivated to sell.
Additionally, those who buy a home during the winter holiday season can look forward to lower mortgage and interest rates, and faster closings. Tax advantages may also be available for buyers who itemize their taxes.
Megan Mattingly-Arthur