The holidays are here, and with it the real estate market is slowing down. Many people think that this is a horrible time to be in the real estate market (buying or selling). Although some of their reasoning is understandable, there are some advantages that may be overlooked. We want to address these common concerns and help you understand why they can actually work to your advantage. Buying during the holidays may actually be a great idea.
Concern: Less Inventory on the Market
This is very true. Many people will take their home off the market during the holidays for one reason or another. They may think that it’s a bad time to sell, or they’re unwilling to have their home on the market during the holidays. This could be difficult, in that there are less homes for buyers to choose from.
Advantage: Less Inventory on the Market
Because many people choose to not list their home during the holidays, those that actually have their home on the market tend to be more motivated. They are looking to sell and sell quick! This could mean a better deal for you!
Less inventory also usually means less buyers, a.k.a. less competition. Your offer will more likely be considered and/or accepted because of this.
A slower market also means that real estate industry professionals will be less busy and have more time to work with you. Whether it’s a realtor, an appraiser, an inspector, etc., they will be able to designate more time to you.
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Concern: Holiday Distractions
The holidays bring more time with family which could make it more difficult to schedule showings.
Advantage: Holiday Distractions
While people are spending more time with family, the holidays also sometimes leave people with extra time. Whether sellers are on vacation (leaving their home open for showings) or you’re looking for something to do on a Saturday because you’ve enjoyed a few days off in the week, holidays can actually bring some extra time to squeeze in a showing or two.
The holidays also bring a little extra excitement and cheer. People are generally happier and homes tend to look their best.
Concern: Spending More Money at an Expensive Time of Year
Christmas is expensive. This is not a secret. Thanks to the price tag that comes with the holidays, many people don’t want to think about the costs of buying a new home amidst everything else.
Advantage: Spending More Money at an Expensive Time of Year
This is going to depend on each person’s situation, but buying before the year ends could actually have financial benefits. Depending on tax deductions you’ve had so far this year, you could add a home purchase in your deductions with the closing costs, property taxes, etc.
You’ll want to discuss this with your tax professional before jumping in to make sure it would benefit you, but buying a home could definitely have some tax advantages.
For some tips on affording your dream home, click here.
Need to buy that home before the year ends? Click here to read our blog about buying a home fast.
Think now might be the perfect time for you to buy a home? CALL/TEXT us today! 480-415-5233
If you want to learn about some financing options, or if you’re looking to get pre-qualified, contact Parker Turk at Sun American Mortgage Company: 602-616-3774.