Moving around the holidays may not be ideal, but purchasing a property around this time can provide numerous benefits. If you've been considering beginning your home search, here are some major pros to buying a house this season.
To promote more buyer interest and keep the housing market moving throughout the slow season, mortgage rates are generally low throughout the winter. As mortgage rates are already at historically low rates, it's a great time to get preapproved and begin a home search.
Home prices can also be considerably lower around the holidays, as sellers who have had their properties on the market for a while may be tempted to reduce their asking price. Those who list their homes in this season may also be more likely to accept a slightly lower offer if they have already purchased a new home and are hopeful to unload their first residence in time for the holidays.
Eager sellers may also be willing to negotiate or include other incentives in the deal. Many first-time buyers find it difficult to afford all the upfront costs that come with buying a home, so sellers may offer to help cover these expenses or take care of other fees. In some cases, other extras like furniture, appliances or desired improvements may be extended.
With today's low inventory, buyers have been caught in a highly competitive market over the last few months. Many potential buyers may put their search on hold for these few months, making it easier for those who stay in the game to find an affordable home.
Those seeking a last-minute tax credit or deduction may be better off purchasing a home before December 31, as that is the end of the tax year. There are many benefits for homeowners, including those who invest in eco-friendly appliances, materials and other home improvements. It may be a good decision to check with a tax professional or ask a mortgage lender about these potential offers.