Buying During The Holidays

Dated: December 1 2021

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It’s that time of year! Thanksgiving gone, Christmas and New Years are here. As we find ourselves entrenched in the holiday season, you may be wondering, is now a good time to buy a house? If you’ve been considering buying a new home and you’re not sure whether or not to start or continue your home search during this time of year, you should consider the following while taking the time to decide.

Mortgage Loan Interest Rates

Interest rates are still at record lows right now. And even though they won’t likely see hockey stick-like growth in the near future, they are beginning to trend upwards. When you start thinking about things such as economic factors, now might be the time to capitalize on securing a good mortgage loan. Low interest rates mean increased purchasing power for buyers. Lower monthly payments and higher purchase prices means you can get more for your money and in some cases, even jump into a higher price point.

Less Competition

During the winter months, less people are looking to purchase homes. A lot of buyers wait until the spring to get serious about home shopping and purchasing a house. People just assume that the spring is the best time to buy and sell houses, but if the house you’re looking for is out there in the winter, by all means you should go get it! Yes, there will still be other home shoppers out there and sellers can only sell their home to one person, but you stand a better chance of obtaining the home of your dreams if less people put offers on it. There are less multiple offer nightmares during the holidays.

Motivated Sellers

People who list their home during the winter are typically motivated to sell. It’s cold, it’s dark earlier, and it’s really easy to say “Let’s wait until the spring.” Most people are inclined to relax at home and enjoy the holiday season with their family. So, if a family is willing to prepare their home, list their home, and allow showings and inspections, chances are they will want to sell and close the deal. It’s not necessarily true that buyers have the advantage in negotiations during the holidays, but the sellers looking to sell during the holidays are going to work to get the transaction done. Sellers are also motivated this time of year because they don’t want to incur the cost of winterizing and maintaining a potentially empty home through the cold weather months.

Schedule Flexibility

One of the great things about the holidays is the time off. Having some downtime at work gives you more time to shop and find the home of your dreams. It also allows you to attend the inspection, walkthrough, and closing, and even move in without crushing all of your vacation time at work. Most of the year is consumed with work, school and extracurricular activities, but things seem to be a little slower and self-paced during the holiday season. Ultimately, it’s up to you and your family to decide if buying during the holidays is a good idea. But it’s not something you should automatically dismiss or push off until the following spring.

This article is featured in: Our Island Life Magazine

Digital Edition: Our Island Life | Fall 2021

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Cristina Ferraro

Cristina has worked in the real estate industry for over 8 years. She began her real estate career in 2006 as an Office Administrator at Douglas Elliman while obtaining a B.A. in Business Management, ....

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