No doubt that time is limited during the holiday season. However, it may be worth carving out some time to find your next home. There are several advantages of buying a home during the holidays that home buyers can enjoy. The money that can be saved is worth consideration for any home shopper. Professional Joliet Illinois real estate agent Jeff Gregory has a few reasons to pursue that dream home even during the busy season.
Why Sell During the Holidays
Buyers are not the only ones that are busy during the holiday season, sellers are as well. This begs the question, “Why go through all the work to sell a home at this time of year?” The reality is that there must be a reason and that reason often works in favor of the buyer. Perhaps the seller is in the middle of a job change and needs to relocate by a certain time. Or the home may have been on the market for some time, which often results in a price drop. Whatever the reason, the seller may be very motivated to sell. If this is the case, buyers will have an advantage when it comes to price.
Supply, Demand, and Lenders
Since there are less people seeking to buy during these months, the competition between lenders is higher. This is good news for buyers that are in need of a lender. The chances of getting a lower interest rate is higher when there are less buyers for lenders to service. Rely on your trusted real estate agent when seeking a lender and do some shopping around. Getting a good rate means savings in the long-term as well.
Less Competition Means More Options
In many real estate markets, sellers have had the advantage. With a lower supply of homes, the competition for those homes among buyers has increased. During the holiday season, many buyers end their search resulting in less competition for those that still want to get a home before the year closes out. This means that there will be more options for serious buyers. Not only is shopping around a possibility but the chances of higher prices due to bidding wars is less as well.
Another positive of buying a home before the end of the year has to do with taxes. Points that were paid during closing, property taxes and mortgage interest are all potential items that can be deducted. There may even be more as well. It is best to consult your local tax expert to find out exactly what deductions apply to you.
Investing the time to find your next home during the final months of the year may not be for everyone, but for those that want to get in a home, these advantages await. For help finding your next home contact Jeff Gregory today.