For many people, the holiday season is “the most wonderful time of the year” filled with laughter and cheer. For others, it is tense with stresses such as family obligations, crowded malls, and decorating.
Interestingly enough, and unbeknownst to many, the holiday season is also an advantageous time for being in the market to buy a house. There are several benefits that help to explain why this is the case. Five of them are found below.
1. Motivated Sellers
It is no surprise that the stretch from Thanksgiving in November to New Year’s Day in January is a busy time for a multitude of reasons. That is why houses listed on the market during such an inconvenient period indicate urgency on behalf of the seller. When sellers are especially motivated to close a deal, buyers are more likely to secure a faster and potentially better deal.
There is also a greater opportunity for negotiation. This is because some sellers may need to close by the end of the year for tax purposes, which gives buyers more leverage with which to work.
2. Less Competition
The holidays inspire many people to head out-of-town on vacation or to visit family. Overwhelmed with entertaining guests, attending parties, or shopping for last-minute gifts, many people prefer staying local.
The point is that the holidays keep everyone busy in one way or another. Potential homebuyers are waiting until spring to begin their search. There are fewer buyers actively in the market. Due to this, looking at listings means less competition for those who decide to seriously house-hunt during the holiday season. The stress of having to outbid other parties is also alleviated.
3. More Attention from the Realtor
Because most of their clients have their own holiday responsibilities, Realtors who have chosen to work during this time period have more availability. Additionally, they pay more attention to those clients who are eager to buy now.
For buyers, this is beneficial since they will have exclusive access to a limited number of listings. They solicit valuable, candid feedback from their Realtors. Motivated by Realtors to make themselves as accessible as possible, they promise an easy deal between an ambitious buyer and a rushed seller.
4. More Time
The holiday season causes the entire housing market to slow down. There are much fewer listings, fewer Realtors available to show them and significantly less competition from other buyers. As a result, the power is in the hands of the buyers, who are out and about house hunting during the holidays. That power enables them to take more time than they would normally have to reflect on, and research the properties that they have seen. As a result, they will make most educated and informed decision possible. Peace of mind when buying a home is priceless.
5. Litmus Test
In many areas of the country, with the holiday season comes inclement weather. Conditions in the form of snowstorms and below freezing temperatures put houses to the ultimate test. It is important for buyers to see firsthand whether or not they can withstand the elements before signing on the dotted line. For instance, snow on the roof or frozen pipes could lead to serious leaks. In turn this may cause serious damage to the inside of the house. Heating and plumbing become especially important to consider during this time as well. If it is not up to par, it is a considerable expense to add-on to the purchase of a home.
If you are in the market for a new house during the holidays then you should consider it an early present to yourself, due to the fact that house hunters are in a great position. This is because sellers are unusually impatient and driven to sell their homes before the end of the year. Hence, there is less competition from other buyers preoccupied with celebrating the holidays. Realtors are also likely to pay more attention to your needs. You will have more time to consider your options. There also is the opportunity to see if houses’ foundation and infrastructures will withstand winter weather. If you are in search of a new home, now is the time start looking.