Buying or Selling a House During the Holidays
For many people, the calendar period between late November and early January generally means lavish dining, planned travel, frenzied gift shopping and decorating, and time spent with friends and family.
Buying or selling a home generally doesn’t top most people’s lists when it comes to fun holiday activities, but it can actually be a good strategy during this time of year. Read on to learn why.
If You’re Buying . . .
You have more room for negotiation. If you are buying new construction, many builders want to close out their current inventory by the end of the year. This can put you in a better negotiation position. ARTAVIA® currently has available homes to suit various needs and lifestyles.
There is less competition from other buyers. Many believe that spring and early summer are the best times to purchase a home, and for good reason. For one thing, the weather is nicer. Additionally, families interested in relocating to a new school district want to close on and move into their new homes during the summer months. This could mean fewer buyers in November and December, meaning less of a chance of a bidding war.
Interest rates can be lower. Aside from wanting to take advantage of mortgage interest rate and property tax deductions, buying a house at year’s end can also mean access to lower interest rates. While it is hard to pinpoint exact rates, financing can be more favorable, because fewer transactions are taking place at this time of year.
If You’re Selling . . .
There is less competition from other sellers. Similar to the above, conventional wisdom suggests that sellers offer their homes for sale during the spring. This can mean less competition when you put your house on the market in November or December. Potential buyers have less to choose from, allowing you to set a higher asking price (within reason).
Winter buyers have a little more time. This is the time of year during which potential buyers enjoy more paid time off from work. This allows for more scheduling flexibility when it comes to navigating the path from bid to closing.
Late-season buyers are more dedicated. Those examining your for-sale house in the spring or summer might not be buyers at all. Rather, they might be “lookie-loos;” individuals wanting to scope out what you’re asking for your property, rather than interested in placing an offer. But those looking for homes during the latter part of the year want to buy. They want to close quickly and be in their new dwellings sooner than later.
No Matter the Time of Year . . .
Remember that preparation is key no matter what time of the year you are buying or selling your home. The process of acquisition or disposition requires planning and forethought to ensure a successful end result. Be sure to contact your real estate agent, loan officer or other experts to determine what you will need. And, if you are in the market for a new home, take a look at what ARTAVIA® has to offer.