- Other potential buyers may put their home search on pause for the holidays. Take advantage of this time and find the home of your dreams.
- A seller may be willing to accept a slightly lower offer on a home during this season, as they might want to sell fast and settle into their next property before the holidays.
- Buyers may be eligible for tax breaks if they purchase a home before the end of the fiscal year, especially on energy-efficient properties and appliances.
Although it may feel like a juggling act to move around the holidays, purchasing a property around this time can unlock numerous benefits. If you're beginning your home search, here are some major pros to buying a house during this season.
Enjoy a smaller buyer pool
It’s still a hot market, and buyers are battling over a shortage of homes. With the status of today’s low-inventory market, it’s typical to have multiple buyers interested in the same property.
However, the competitive market might enter a lull over the holidays when some potential buyers put their home search on hold for a few months. Take advantage of this time, and your dream home could become your favorite gift this holiday season.
Go discount shopping
In the current market, most homes are selling fast, and it’s rare to get a home for a discounted price. If you’re on a tight budget or aren’t finding homes in your price range, talk to your REALTOR® to determine what nearby homes, if any, have been on the market for awhile.
When homes stay on the market a long time, it’s typically because the condition doesn’t justify the price. With the help of the right Realtor, you can identify quality homes that may need just a bit of work — or that may be open to a lower offer.
Need more holiday homebuyer tips? Check out the ultimate guide to moving during the winter.
Act fast for the tax break
If you’re already in the market for a new house, you may be better off purchasing a home before December 31. This offers you the potential to qualify for last-minute tax credits and deductions before the fiscal year ends. There are many benefits available to homeowners, including those who invest in eco-friendly appliances, materials and other green home improvements, such as:
- A 100% state sales tax exemption on solar energy systems.
- Low-interest financing for fixer-uppers that need energy conservation updates and other basic home improvements.
Search for more renewable energy and efficient home tax incentives here. Plus, you can conveniently specify your search by zip code. Be sure to check with a tax professional or ask a mortgage lender about these potential offers before you begin searching for homes or consider an offer.
Add a home to your holiday wish list
A Realtor can help you navigate the ups and downs of buying a home over the holidays. Reach out to Edina Realty or one of our agents if you’re ready to add a new property to your holiday wish list