5 Tips for Buying a New Home for the Holidays

Tips for Buying a New Home for the Holidays

Moving during the holidays can be a headache in itself with all the seasonal activities and unpleasant weather in many areas of the country. However, there are also plenty of positives when buying a home during the holidays. When weighed against whether the headaches of moving are worth the effort, consider the below tips for buying a new home for the holidays.

Home Buying During the Holidays

1. Less Competition

Even though the same issues that make holiday moving a hassle tend to keep people from shopping for homes at that time, you may want to consider the season for a reason. While there are probably fewer homes available on the market, there are also fewer homebuyers at this time of year, and this means less competition.

2. Lower Prices

December historically has lower home prices than any other month, due in part to there being a shortage of inventory at the end of the year. There’s never any guarantee that this year will continue the trend, but it’s always worth checking the prices within your local market.

3. Motivated Sellers

Remember that to every home buyer is also a home seller: Home buyers don’t enjoy moving over the holidays any more than homesellers do. Chances are, the people who are selling their homes over the holidays are highly motivated to do so. For whatever the reason might be, when you combine motivated sellers with decreased area competition, you have great leverage in finding a better deal.

4. Seasonal Sales

Along with the spirit of the shopping season, there will be plenty of season clearance sales available to help you apply a personal touch to your new home. End of the year clearances, discounted deals, and closeout combos are all the merry, but be careful not to spend yourself into unrecoverable debt while going into the New Year.

5. Faster Closings

For the most part, pretty much everyone involved in a holiday real estate transaction wants to complete the transaction before the year ends. Buyers want to settle in their new homes and use the purchase as a tax incentive for the year’s end. Likewise, lenders want to include the loan on the current year’s books. Real estate agents and brokers want their commission before the end of the year. This being said, many motivated parties make the closing process go as smoothly as possible towards the end of the year — but always make sure to do your part by having all of the required paperwork ready and in order.

Bottom line

Now, of course, these tips for buying a new home for the holidays don’t always apply every year or in every market, but this time of year usually provides excellent opportunities for potential homebuyers. Always check out the conditions in the local market and be strategic in your planning. Moving during the holidays doesn’t have to be any more hectic than the holidays already are and with a little planning, you could have a new home for the holidays before you know it!