The last thing on someone’s mind during the busyness of the holiday season is buying a new home. While such a mindset seems realistic, the truth is that there couldn’t be a more ideal time to purchase a new house than during this season.
Financial Benefits of Purchasing a Home During the Holidays
The spring and summer months, which have the highest volume of home sales, are the most inopportune times to buy a new home. The longer daylight hours and warmer weather make home shopping more convenient, attracting more buyers. Spring and summer also see higher moving frequency from people than the fall and winter.
When sellers see higher demand, they increase their prices, creating expensive bidding wars, which cause spring and summer to see homes sold above the listing price. Likewise, the entire home-buying process in spring can take much longer because title companies, inspectors, and movers are busy helping other home buyers.
On the contrary, the shorter days, colder weather, and general chaos of the holiday seasons cause the fall and winter months to experience lower activity from buyers. As a result, the winter (January especially) has the lowest home prices of any season of the year.
Plus, there are some potential tax benefits to buying a home before the holidays. For example, buyers who successfully close their mortgages before the end of the year may be eligible to write off their mortgage interest costs, property taxes, and more come tax season.
Additional Advantages for Buyers in the Fall and Winter Season
Recall that the fall and winter months have the lowest activity from buyers, which not only decreases prices but also means less stress for the home buyer. With fewer people jockeying for property, the home buyer is not as rushed because of the higher median days that homes are on the market. Also, the buyer has greater negotiating power to reduce the asking price.
At the same time, the sellers themselves are more motivated (and potentially desperate) to sell during the holidays. Their homes are priced to sell – in fact, many of the houses on the market in the late fall and early winter are holdovers from the spring and summer. For those houses sellers recently put on the market during this time, likely, they did so because of unforeseen circumstances, such as a job change or divorce – meaning, they’re willing to compromise.
The holiday season also brings the holiday spirit, making people more agreeable. From sellers to retailers and other third-party companies, everyone will be in a more generous and charitable mood.
Sentimental and Emotional Benefits
Beyond the financial and tactical advantages of purchasing a home before Christmas, there are plenty of sentimental benefits. For starters, home buyers will get to welcome in the new year in a new home. New homeowners can enjoy decorating and inviting over friends and family to celebrate the holidays, fostering memories that will last a lifetime. Moreover, new buyers can relish the peace of not having to compete amid the house-hunting rush that comes after the holidays.
Partner with NMC Realty This Holiday Season
While many real estate professionals will likely be unavailable, NMC is open and willing to work with you during the holidays. Contact us today to learn how we can leverage our expertise, resources, and connections to help you get the home of your dreams just in time for Christmas.