The holiday season is the busiest time of year. Days are filled with entertaining guests, family parties, and shopping for gifts. For many, the thought of buying a house during the holidays seems like a cumbersome task to add to the already long to-do list. But, before you shy away from holiday house hunting, here are a few reasons why it might be the perfect time to purchase a home.
LESS COMPETITION
The winter months often present less inventory in the real estate market. Many sellers take their homes off the market at the end of the year due to the hustle and bustle and assumption that people won’t buy. In that same vein, many buyers also pause their home searching until after the holidays.
While a lack of inventory isn’t a complete positive for a home buyer, it does open up the doors for potentially a great sale price and less competition. Homes in the winter months see fewer multiple-offer situations compared to the rest of the year—especially in a sellers market. Less competition and fewer offers allow for a buyer to negotiate a more favorable price on a home without being outbid.
MOTIVATED SELLERS
Typically, when a home is on the market at the holiday season, it means the sellers are motivated. There’s an array of reasons a seller might be trying to move out quickly. For many companies, job transfers start in January. Plus, families typically want to move into their new home by Christmas, meaning they want to get out as quickly as possible!
A motivated seller is a great perk for a buyer because their desire to have the house closed and wrapped up by the end of the year might allow for some savings. A seller might allow more room for negotiation at the holidays because they know there’s a deadline for moving. If a seller needs to move out quickly, they’re more likely to accept a lower offer to stay on schedule.
TAX DEDUCTIONS
Purchasing a home at the end of the season can come with some tax deductions, depending on your financial situation. It’s always encouraged to talk with an accountant to see if you are able to deduct points towards closing costs, mortgage rates, or property taxes if you itemize deductions when you file. Tax write-offs leave more money in your pocket, bringing you a lot more holiday cheer!
START YOUR HOLIDAY HOME SHOPPING TODAY
As the holidays quickly approach, it’s the perfect time to start your home-buying process. There’s nothing quite like the warm welcome of your future paradise wrapped in Christmas lights. If you’re ready to spread some holiday cheer, contact me today so we can find you the best gift of the season… a new home!
Aloha, and welcome to Hawaii.