When you're writing out the holiday shopping list, maybe
it's time to put your name on it and a home as the gift. If you've been
considering buying a home, here are a few reasons why shopping for one during
the holiday season can benefit you.
Yes, it may involve you really prioritizing your time; the
holiday season is a busy time. But if you can make time to house-hunt and you
have already been pre-approved so you know how much home you can afford, then
this could be a very good experience. And it may lead you to a new home in time
for Christmas!
Like many businesses, the holiday season can cause things to
slow way down. That's often the case for real estate. However, that doesn't
mean you won't find eager sellers hoping you'll make an offer on their homes. Even
though there are parties, kids' social activities and end-of-the-year work
commitments, real estate sellers are still ready to let you step inside their
homes to see if you'll find one is a good fit.
When real estate slows down, that means mortgages slow down.
So this is a good time to get a mortgage. There's a chance your loan will move
through the process faster. That doesn't mean you will have lax guidelines,
rather it means that if there are fewer loans to process, yours can move along
faster.
Some say that you have fewer options because inventory drops
during the holiday season. While that may be true, it doesn't mean that every
seller takes their home off the market. Sellers with their homes on the market
during the end-of-the-year months are typically serious sellers. There may be
tax reasons motivating a seller to sell before the end of the year which could
create greater opportunities for negotiation. There's likely a sense of urgency
on the seller's side.
Often home prices are lower in December than in other
months. If you wait until the spring, you're likely to wish you'd, at least,
done some house-hunting. Industry reporting services often show home
appreciation slows in the fourth quarter, making homes more affordable.
Since it is a busy time of year, you may find that there
aren't many buyers shopping for homes, which is exactly why this may be a good
time to house-hunt. Fewer buyers could mean a great opportunity for you to make
an offer and negotiate a favorable price. However, fewer homes to choose from
could mean you have more difficulty finding precisely what you're looking for.
But too many homes can also create a no-win situation by confusing and
overwhelming you.
Shop smart by making a list of the "must-have" and
the "really-would-like" items. Carry the list with you or use a
home-buyers' app to keep it on your smartphone. It's much like a holiday gift
shopping list - better to know who you're buying for, how much you want to
spend, and, at least, an idea of what you'd like to get that person. Same goes
for a home.
Simplify the house-hunting process by having some written
notes about what you intend to buy. Of course, things do change, so be open to
discovering that dream home that has something on your list you never knew you
needed or wanted. Your list will just help you evaluate and prioritize which
things in a home are most important to you. Then instead of unwrapping this
holiday season, you might be unwrapping your new home!!
Realty Times
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