Tips for Buying a Home During the Holiday Season
Work with qualified professionals
Working with a reputable, full-time real estate agent can help alleviate much of the stress of the homebuying process – in any market or season. Work with an experienced agent who knows the market, knows your price point, and knows what to offer in your specific area. Interview several agents or get a referral from ind an agent you can trust and who understands your goals. Interview several agents or get a referral from someone who know who had a good experience. You want the process to go as smoothly as possible.
You'll also want to talk to a mortgage lender who understands the fluctuation of interest rates, especially since we're seeing constant changes these days. Having both a reliable agent and lender is especially helpful in this market, so you'll know for sure what you can afford before heading out to look at houses.
Understand market conditions and annual patterns
In many locales, the years-long seller’s market has begun to balance, meaning current homebuyers and sellers are facing drastically different – and for some, brand new – market conditions. We are in a situation where sellers are starting to offer more concessions to attract buyers. But in addition to overarching market trends, seasonal patterns also pop up annually. During the holidays, there's typically less inventory available. It’s a time where moving is more of a need because of an upcoming life event, like a job change. It’s not as popular of a time to move and is more of a time to move out of necessity. In addition, the recent rise in interest rates may be preventing some buyers form entering the market, potentially opening up more inventory for those who do intend to buy soon. This results in less competition.
Prepare for timeline flexibilities
Most people are busy during the holiday season – and that includes those who work in lending, inspecting, repairing, and moving services, too. When buying a home toward the end of the year, buyers can expect "normal" timelines to fluctuate. You have to account for holidays and business closures during the process, so you need to be flexible. During the holiday season, it’s not uncommon for buyers and sellers to push off the closing date in order to move after the holidays have ended. Sellers may want a longer closing date so as not to have to move during the holidays. They are motivated to sell if they have a home on the market at this time of year, however they may want to push off physically moving for a bit.
Plan ahead for the big move
Once a date is set, contact a moving company ASAP to get on their schedule. If it’s during the holiday season, there may be less flexibility with days. But, you may find the holiday season is a great time to find deals on home goods, furniture, appliances, and more.
If someone is motivated to purchase or sell, they are still going to make decisions based on their long-term real estate goals, so don't use the holidays as an excuse to not look for a home. It could turn out to be the best gift you could ever give yourself!
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