Two weeks ago, we talked about the pros and cons of selling your home during the holiday, so this week we'll talk about why buying your home at the same time presents challenges and opportunities.
The holiday season can be a good time to find a home. If you are planning to buy a home, but are waiting until the market heats up in the Spring, you might want to reconsider.
Right now, interest rates remain low, but because there is less demand for mortgage loans, you could get an even better rate.
Prices can be lower because sellers may drop their asking price
Fewer buyers = Less competition
Homeowners who keep their homes on the market are motivated sellers
Tax deduction for the current year
Fewer closings = faster transactions
Of course, there are some disadvantages to trying to buy a new home during the holiday. There's a shortage of inventory—the best homes in your price range may not be available because the seller may choose to wait until Spring. The market is slower because many agents schedule vacations at this time of the year. A blanket of snow can hide defects in the home's exterior and the landscape as well.
If you’re considering buying a new home, this time of year could prove to be advantageous. It could be the best time of year to buy. Talk to your REALTOR® to discuss your options.