Summer is the big-time home buying/moving season – and it is mostly because the kiddos are out of school on summer break, which makes it a bit easier to shop and move. But what about the holidays? Is this a good time of the year to buy or sell?
By all means, yes. However, people are moving in 1,000 different directions gathering with family and friends, buying gifts, decorating, traveling, etc. Here’s why you still want to buy home during this socially busy season.
According to BankRate, sellers looking to unload their homes in the wintertime are more likely to cut a deal, as they may want sell more quickly. Their eagerness to sell could be a buyer’s gain for sure.
BankRate states that under current law, homeowners can itemize and deduct the interest paid on their mortgages up to the first $1 million – if their loan is used to buy or improve a first or second home. If you end up closing on a new home at the beginning of the new year, you’ll be able to take a deduction on an entire year’s worth of mortgage interest.
If you’ve ever been in a bidding war with other homebuyers, it’s not for the faint hearted. However, according to Realtor.com, if you’re shopping for a new home around the holidays, there will definitely be less buyers looking. You can most likely get your asking price with little or no competition.
Since December is usually a slower month for most industries, buyers/sellers will have better access to movers, inspectors, and mortgage brokers. In addition, according to Realtor.com, you’ll have more time with real estate agents, who will bend over backwards to help you with fewer clients to serve. They will want to get it done and closed before the new year. Same goes for your mortgage broker, who has less clients to serve and more time to pay you special attention.
If you’re looking to buy a home during the holiday season, seems like there’s plenty of upside for all parties to benefit.