You may be gearing up for the hectic holiday season – hanging decorations, buying gifts, baking cookies — but may think that buying a home right now is not good timing. Think again!
Although the more traditional approach of real estate would dictate that you put your plans to buy aside until the Spring, you can be successful in buying during the holidays if you have the right approach.
Inventory is a bit lower this time of year, however, that can work to your advantage if you are a determined buyer!
Here’s why:
1.) There are fewer buyers out there. Many buyers think that the holiday season is not a good time to buy a home so they pull back and don’t stay on top of what’s happening in the market. That means less competition for those buyers who are serious about finding a home now.
2.) There are fewer homes on the market. For buyers, there may be fewer homes on the market but what homes do you see WANT to be sold? This means good deals can be had.
3.) Homes and neighborhoods can feel cozier and more cheerful. ‘Tis the season homes look their best, with beautiful trees, holiday lights, and crackling fires. Buyers get a true sense of a neighborhood and home over the holidays. Who doesn’t want to picture their traditions in a home?
Some important points to keep in mind:
Buyers need to be organized with their time and schedule their appointments around holiday events. Looking at homes still needs to be a priority.
If you are in the middle of a transaction during the holidays and you are getting financing for your new home, don’t overspend on credit cards or make too many big purchases on gifts. Any big changes to your credit or your bank accounts may cause problems with your loan approval. Be sure to check with your lender or real estate agent if you have any questions or concerns.
You may need to consider a bit longer of an escrow during the holiday season, as title companies and banks may be closed during the holidays.
As you can see, the holiday season can be a great time for buying a home when you have the right approach and mind set. Make the most of it before the busy Spring season and more competition comes into the market.
If you’ve been thinking of buying or selling, I’d love to hear from you. I’d love to share more insights on how I help clients this time of year, especially my off-market plan to find homes that aren’t even available to the public yet.
Email me at michelle@thebrokerageky.com and I’ll tell you all about it! Happy Holidays
