Five Reasons to Buy a House Around the Holiday Season
Contrary to popular belief, buying a home during the holiday season is not as difficult as people think. There are many benefits to purchasing a house around the holiday season.
Typically, the holiday season means fewer home buyers and more properties available. Consider looking for homes with your must-have features during the winter months if you feel defeated by bidding wars and lack of inventory.
Homes Are Priced To Sell
Buying a house around the holiday season puts you in an excellent position to negotiate a lower price, or to get certain repairs and upgrades accommodated by sellers. Talk to your real estate agent to discuss your home buying strategy. The holidays are generally not prime time for sellers, many homes will need to sell fast for year-end job transfers or other factors preventing them from selling in the spring.
According to newrez, you could qualify for tax benefits by purchasing a home during the holiday season, depending on your financial situation. Additionally, itemizing deductions may allow you to deduct the following from your taxes: points purchased upon closing, property taxes, and mortgage interest rates.
More Time For House Hunting
According to HGTV, some buyers purposely wait until their families are together for holiday vacations to start looking for a home. Furthermore, it is a less stressful process than house hunting during the traditional spring months with high home buying traffic.
Lower Interest Rates
Mortgage rates are historically low, so it’s essential to act now instead of waiting until next year to purchase a house.* According to Forbes, holiday loan interest rates are typically lower than regular unsecured personal loans, and are primarily based on the borrower’s credit score, income, and other factors. Check out our blog, “How to Increase Your Credit Score” to learn more! The holidays are around the corner.
*Low rates based on a comparison of average rates in the past 5 years. Note that rates are subject to change based on borrowers’ credit, down payment, loan amount and market changes.