The holidays are a stressful and busy time for everyone. From decorating the house to baking holiday meals for the family, everyone is scrambling to finish their holiday to-do list. What this means is that it’s the perfect opportunity for homebuyers to sneak in and snatch up a home, while everyone else is distracted with the bright lights and gift shopping.
When it comes to buying a home over the holidays, it’s important to remember that buyers have a clear advantage. With the rather extensive list of holidays from Halloween to New Years, buyers can slide in and make the smart move, while everyone around them is distracted. So what really are the benefits to buying at this time? Let’s take a closer look.
- You’ll find a home quickly: The housing market has been hot for years, so a long bidding war sometimes decides who the new homeowner will be. Many people consequently choose to take a break from buying over the holiday season. As a smart buyer, this is your time to make a move and slice through the buyer pool. While others are at home trimming their tree, you’ll be walking away with your new set of keys.
- Many buyers wait: If you’re a millennial or first-time homebuyer, this is a great opportunity to buy your first home. In most cases, family homebuyers will wait until the spring or summer to begin the buying process because they do not wish to move in the middle of a school semester. This means the holiday season is when the buying market is at its lowest. In fact, according to a recent Forbes study, about one million consumers will purchase a home between November and January of this year. While this figure may sound large, it represents just 15 percent of total homebuyers—so get out there and find your dream home!
- It’s the time for deals: Nobody wants to overpay for their home, and oftentimes when you’re competing with many other buyers, there is no way to stop this from happening. Multiple bids drive up the asking price and the homebuyer who offers the most may just walk away with those keys instead of you. Many people who sell around the holidays, however, are usually willing to make a deal since fewer homebuyers are in the market.
- It’s the holiday present to top all other presents: Above all else, what other present will compare to your own, brand new home? Flat screen TVs and tropical vacations are both very exciting, but a home is part of what makes a family. It’s the foundation of your household, so buying a home will truly make this holiday season memorable.
While all these reasons are a big part of what makes buying around the holidays a smart decision, there’s also the simple fact that the holiday season puts people in a good mood. People are getting gifts and spending time with their families and they want to see others happy too – making them more inclined to help you out in your home buying search. Ultimately, buying during the holiday season is one of the smartest decisions you can make.
For more information about buying a home this holiday, or for more details about home financing, contact one of our mortgage specialists today and download The Ultimate Guide To Homebuying & Financing.