Moving during the holidays can be a headache with all the seasonal activities and obligations not to mention unpleasant weather in many locations. However, there are plenty of positives to buying a home during the holidays that may make the headaches of moving worth the effort, including the seven listed below.
1. Less Competition – The same issues that make holiday moving a hassle tend to keep people from shopping for homes at that time. While there may be fewer homes available, there are also fewer homebuyers – and that should equal less competition for any home that fits your needs.
2. Motivated Sellers – Home sellers don't enjoy moving over the holidays any more than homebuyers do. It's likely that people who are selling their homes over the holidays are highly motivated to do so. Perhaps they must relocate for a new job, or their home has been on the market for a long time and they need the money from a sale before the year is out. Combine motivated sellers with decreased competition and you have great leverage to get a better deal.
3. Possible Lower Prices – Home prices have been rising rapidly, in part because of an overall shortage of homes. However, December historically has lower home prices than any other month, due in part to the reasons listed above. There's no guarantee that this year will continue the trend, but it's worth checking the prices within your local market.
4. Faster Closings – As a general rule, everyone involved in a holiday real estate transaction wants to complete the transaction before the year ends. Buyers want to settle in their new homes (and if sellers are relocating, they want to settle in before the holidays as well). Motivated parties should make the closing process go as smoothly as possible – but do your part by having all the required paperwork in order.
5. Better Interest Rates – Interest rates are still near historical lows. You can even get a free quote on afncorp.com and see what loan works best for you!