Stressful scheme or secret strategy? Why buyers should consider home-buying during the holiday season to save.
Home-buying during the holiday season will add stress to a very busy time of year, but there are some excellent reasons why you might want to consider it. When I purchased my home, I closed on December 26th, 30 days after the offer was accepted, right around Thanksgiving. Yes, it wasn’t easy, and it made the holidays more stressful, but here’s why I would do it again:
Less Competition
Fewer people buy homes during the holiday season from Thanksgiving to New Year’s. Several serious home-buyers I work with want to take a break during the holidays because of their busy schedules, especially on weekends. There’s a greater chance that buyers who offer during this time are the only offers a seller receives.
Sellers Get Motivated
I don’t know what it is about December 31st, but as the end of the year gets closer, sellers’ motivation (and even desperation) to get their home under contract increases. Especially homes stagnating on the market. The pain of showing a home, keeping it tidy, and removing pets around the holidays puts pressure on sellers. Sellers’ mindset shifts to “I just want to get this over,” and buyers can use that to their advantage.
Possible Tax Advantages
Purchasing a home has tax advantages in many states in the year purchased. And if you itemize your deductions, closing costs are deductible. When April rolls around, consult a tax professional about these advantages.
Quicker Closing
With fewer new contracts in their pipelines due to the holidays, mortgage lenders, title companies, surveyors, insurance agents, and inspectors focus on their current contracts. Buyers experience better service and quicker closings during this time of year.
Available Contractors
The inconvenience of renovations around the holidays means plumbers, painters, tile-setters, or general contractors are looking for their next project. Chances are, you’ll get your job done sooner. I had the floors of my home refinished between Christmas and the New Year, and saved on costs because the owner of the company was trying to keep his workers going, and no one wanted to book floor refinishing work during that week.
Buyers Market + Holiday Season = Best Deals
There’s a lot of inventory out there right now, which is great for buyers. Sellers are absolutely motivated, especially with the length of time it’s taking for a home to get a contract (72-day average). Buyers will be able to ask for and negotiate a lower purchase price, seller contributions to closing costs, interest rate buy-downs, or a home warranty with great success.
A new home before the new year would make it a holiday season to remember!
