Why It's Smart To Buy A Home During The Holidays

If you're planning to postpone buying a house until after the holidays, you want to rethink your strategy.

It's true that the real estate market slows down toward the end of the year. Buyers and sellers become preoccupied with holiday events and gatherings. Snow, ice, and arctic temperatures inspire everyone to snuggle up at home and wait for better weather. It's smart to ignore all of these reasons and keep up your home search.

If you're serious about buying a house, don't let holiday fun or bad weather stop you. When you're willing to keep looking no matter what, these factors will give you several advantages throughout the home-buying process.

A Better Deal

The pool of homes and buyers decreases during the holidays, but a less-crowded real estate market can be beneficial for you. Home sellers who continue their marketing efforts through the holidays are usually serious about selling their homes. They may be relocating to another city. Maybe they've already purchased a new home and don't want to pay a double mortgage.

Whatever their reasons, a seller must accept that potential buyers won't be lined up to make offers during the holidays. The limited competition should motivate a seller to be more flexible with you during negotiations. That can mean a better deal for you.

Fewer Delays

When you're buying a house during the off-season, the process is smoother, with fewer paperwork and processing delays. Real estate agents and mortgage companies aren't as busy as they are at other times of the year. Everyone can focus on you and your needs.

• Your real estate agent can present your formal offer quickly.
• The seller will have fewer offers to consider.
• The mortgage company will have fewer applications to process, which can mean faster approval.
• You can schedule an early closing to meet your schedule or the buyer's needs.
• You can move in before the new year.
  

Lower Interest Rates

During the holidays, the real estate market is slower, with fewer completed transactions than at other times of the year. Lower interest rates are one of the results of this low seasonal demand. When you request your pre-approval letter, your lender can provide information on your potential mortgage rate.

Tax Advantages

Your home purchase will give you access to several tax breaks. When you close before the end of the year, you see some immediate benefits when you file your tax returns for the following year. Your tax professional can provide a complete itemization of your home-related tax benefits. Here are a few of the common deductions.

• Loan points paid at closing
• Mortgage interest
• Property taxes
  

Ask Your Real Estate Professional

Before you decide to postpone selling or buying a home, talk to a professional about your options. Your real estate agent can give you more information and explain why it's smart to buy a home during the holidays or a seasonal downtime. 

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