Why Buying a House During the Holidays is A Great Idea

Buying a house? Worried about the real estate market slowing down during the holiday season?

Getting a transaction done in December can be challenging … for the sellers, that is. They need to work extra hard to advertise a home and make sure it's in great condition for showing. Sometimes that means adjusting their holiday plans or scaling back their usual decorations so the home's great features will shine through.

But buying a house is very different, and the holidays are no reason to put off your plans.

In fact, staying in the market throughout winter can actually make buying a house easier.

Let's look at some of the biggest reasons why:

1. Sales Prices Are Lower
   Just because the seasons change, it doesn't mean sellers are less motivated. In fact, research by ATTOM Data Solutions shows that December 26 is the best day of the year to buy a home at a deep discount compared to similar homes that sold at other times of the year. The data indicates all the top six days best days to buy were in December. The price difference is more noticeable in colder climates where snow can slow market activity.
2. Fewer Sellers, Less Time
   Many sellers do step out of the market in the last quarter, concerned that hanging in there could leave them waiting 90 days or more for the right buyer. Sellers who remain tend to be those who have pressing personal reasons to get the transaction finished. 
3. A Final Tax Boost for the Year
   A huge number of tax benefits can potentially accrue after buying a house. Buyers may enjoy incentives on expenses like property taxes, mortgage interest, and points paid when closing the property. Buying as an investment vehicle can unlock even more tax savings when an appropriate business entity is set up in advance. No matter what approach you take, you could find yourself with a substantial tax refund in the new year.
4. The Potential for Lower Interest Rates
   Interest rates can fluctuate at any time of year, and the historic lows reached multiple times over the course of 2020 might reverberate through the market for years to come. As a general rule, though, interest rates are low in the winter and get higher and more volatile during the busy seasons of spring and summer. Still, you should work with your real estate agent to make your move at the right time and lock in the best rates you can get.
5. A Faster Closing Process
   Closing day is the ultimate goal when buying a house, but it can also be very complicated. The traditional closing means meeting up for several hours to sign off on reams of paperwork. It ends with ownership (and the keys!) given over fully to the successful buyer. Many people are involved in this process, and lenders, brokers, inspectors, and even real estate lawyers are usually motivated to get deals done before the end of the year.

Buying a house can be a great adventure and an important life milestone. If you end up exploring the real estate market near the holidays, don't fret. Connect with a trusted local real estate agent who can help you navigate the twists and turns. As a buyer, you have nothing to lose by seeing what's out there. And before you know it, you might just discover that buying at this time of year was one of your best decisions.

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