If you’re house hunting during the holidays, you’re likely a serious buyer with an immediate need for a home. Perhaps you have to relocate for a new job opportunity, or there’s been a change in your personal life? Regardless, while you may assume it’s not an ideal time to be looking—namely because there isn’t much to look at—there are some advantages to buying a home this time of year. Here is some helpful information you need to know when you are purchasing a home during the holidays:
Less competition: this lowers the chances of multiple offers and bidding wars. This should also translate into a bigger discount for you. It is important to know your market. Start your research by looking for homes in the area you’re interested in to ensure you find a home that will fit your needs and also what homes in the area are selling for.
Serious home sellers: why would sellers pick such an inconvenient time—while everyone is busy entertaining friends and family and enjoying the spirit of the holidays—to list their properties? Probably because they need to sell and may feel compelled to do so before the end of the year for tax purposes. What this means for you is: less hassle when it comes to negotiating, a greater willingness on the part of the seller to agree to concessions and less of a chance of the seller waffling even if it’s a little lower than the seller was expecting.
Faster mortgage approval: lenders aren’t as busy this time of year, and less volume could mean faster approval. Some lenders might even be willing to reduce fees during the off peak season in hopes of gaining business. Don’t just go with the first lender who comes along, it pays to shop around.
Greater affordability: sure, home prices have been rising, but they’re typically lower in December than during any other month (so you don’t need to be as aggressive with your initial first offer, compared with buying during peak to high season). As we enter the slower home shopping season many overheated real estate markets are moving away from the bubble brink and are ultimately becoming more affordable than they have been historically. If you want to take advantage of low interest rates, the time to act is now.
CENTURY 21 Miller Real Estate Ltd.
Brokerage Independently Owned and Operated
#4 Office in Canada
By Production CENTURY 21 Canada 2013
467 Speers Road, Oakville, ON L6K 3S4