Homebuying during the holiday season can be a great time to buy. With so many buyers in the market during the summer, it can feel stuffy and overwhelming to buyers whereas the holidays can be a little easier to navigate and can come with some great bargains. Of course, just because things are a little slower doesn’t mean that homebuying is necessarily easier during the holidays.
As a matter of fact, there are cons to purchasing a home during the most wonderful time of the year, which is why we’ve put together our tips for homebuying during the holiday season.
Less competition during the holidays is likely the only reason you’d choose to buy during winter. In general, things start to slow down commercially in almost every sector during the holidays which means more buyers are also taking some time away from shopping for homes. But if you’re savvy and ready to buy, you could snag a deal on a home without all of the competition.
Granted, less competition on the buying level can often mean that sellers are a little less eager to do additional work to get a deal done. Just because you’re out trying to find a home doesn’t always mean that selling agents are as eager. Be prepared to take lower competition and convert it into aggression when it comes to pushing a home sale through during the holidays.
Coming off of a red-hot two years of home sales since covid started in 2020, you may very well find that shopping during the holidays and during the winter months could help you find some great prices on homes. Generally speaking, sellers may be willing to offload stale listings or make a few last-minute sales during the holidays even if it means selling below the listing price or taking concessions.
It’s important to know where you stand as a buyer when looking for a home as it can dictate the approach you take to making an offer. Remember that you have more power, even in a seller’s market, during the slower seasons as sellers and selling agents may be quicker to pull the trigger on a less-than-perfect offer. Take advantage here and try to get the best price you can on a home during these off-seasons.
Take Advantage of Taxes
One benefit of buying a home during the holidays that you may not have on your radar is the tax breaks you’re likely to experience. Mortgage interest costs, property taxes, and other tax breaks are part of the process and could be significant especially if you own your own business, work for yourself, or simply just need the tax breaks.
While you shouldn’t necessarily plan on purchasing a home at the theoretical “last minute” to get an added tax break, it’s certainly a perk of purchasing during the winter months and very well could be a nice windfall going into 2023. Of course, a lot of this is dictated by how available your title or closing company is and how quickly you can get the home closed on. No matter the case, keep this advantage in your back pocket if you’re looking to buy this holiday season.