Posted by Ashley Zoerner on
As the holidays approach, there’s a good chance that you’re focused on gathering recipes for family dinners and finding the perfect gifts for your loved ones. Searching for a home is probably the last thing on your to-do list. However, choosing to make your real estate purchase during the holidays can have some major benefits.
For starters, buyer volume is low during the holiday months as people are preparing for upcoming festivities. This means that the real estate world is yours for the taking. Because there are fewer offers during this time, competition is low, which means sellers are more likely to negotiate with you on the price. In fact, one study revealed that the best day of the year to close on a home is December 26, which can save you as much as $2,500 on the sales price. Other days that can save you big are December 29 and 21, which means that the perfect time to make an offer on a home that has caught your eye would be around Thanksgiving.
Another possible benefit to making a home purchase around the holidays is the possibility of tax benefits. For homebuyers who can close on a home before the end of the year, there is the chance that you can write off some of the expenses associated with your purchase. There is also an abundance of year-end sales, which can come in handy if you need to make large purchases for your home such as furniture or appliances. Combined, these are substantial enough savings to convince buyers to step away from the holiday merriment and go house hunting.
As the year is coming to an end, everyone is eager to tie up loose ends and get ready for a fresh chapter as the new year approaches. Because of this, everyone involved in your real estate transaction will be motivated to get to the closing table faster. Sellers want to prepare for their next endeavor and lenders want to include the loan on the current year’s books. Not to mention that agents appreciate the extra income during the holidays. Closing attorneys, inspectors, and everyone else involved in the process will be both happy for the business during a notoriously slow season and eager to get everything finalized. It’s a great combination that will most likely have you to the closing table sooner.
So, you’re convinced and ready to consider becoming a homeowner before the year’s end. What next? Here are some ways to strategize your end of year home purchase:
First, you’re going to want to be organized. It can be tough juggling the responsibilities of purchasing a home along with the demands of the holiday. Be sure to hire a real estate agent who is up for the challenge. A well-connected agent will be able to give you heads up on not only what’s on the market, but also what may be coming soon. Your agent also needs to be available and ready to move when an opportunity becomes available.
Only consider motivated sellers when searching for a home. Most who list their homes for sale during the holidays are ready to move fast. Because of this, you should ask for incentives such as having the seller cover closing costs or appliance upgrades as you’re more likely to get a positive response. Also, look for builders and investors who may be trying to minimize losses or gain tax breaks by selling by the end of the year. Builders may be more willing to incentivize potential buyers with upgrades such as carpet, fixtures, or countertops.
While most people are preparing to coast through the remainder of the year, take the opportunity to make your real estate move. There can be huge savings and perks that come with buying during the holidays. Want to find a qualified mortgage professional who Is ready to tackle the task that lie ahead? Contact Silverton Mortgage and let’s get to work!