Tuesday, November 17, 2015

Should I Buy a Home During the Holidays?

Find out why November and December are the best times to buy or sell a home.

The holidays are around the corner which might mean equal parts joy and stress are added to your plate. For many people, November and December seem like the worst time to think of buying or selling a home. In this 2-part series, we're going to discuss the positive reasons why now is the perfect time to buy or sell a home and how to make the most out of this "wonderful" time of year.

Part I: Buying a Home During the Holidays

Whether you have thinking about purchasing a home for a while or you're finally thinking of jumping off the fence and taking the plunge into home ownership, we're here to tell you that now might be the best time to be in the market. As we have mentioned in other posts, we strongly advocate that you spend some time deciding the features that matter most, work with a qualified real estate agent and get pre-qualified (or Mortgage Assured) with a reputable lender.

Here are a few posts we recommend:

Save time and money with a SMARTER way to shop for your next home with our Home Shopper Worksheet. Get your copy here »

Top Reasons Why It's a Wonderful Time to Buy

Lower Demand = Motivated Supply

This has to do with popular opinion. Most people are under the impression that during the last few months of the year, fewer houses are for sale because there are fewer people in the market to buy. While extra holiday activities and poor weather might have this effect in many areas, it can also work in your favor. When there are fewer people out shopping for homes, there is less competition. You don't have to worry about your offer hiding among a pile of all-cash offers. PLUS - sellers are motivated to sell! If a home was higher priced during the summer and fall months yet failed to sell, the owner is more likely to entertain lower offers in winter. Recent listings are also likely to be from owners who are ready to sell right away.

Lower Demand = Better Service

When there are many buyers out looking for homes, real estate agents are equally busy. When the holiday slow down hits, it hits them too. Real estate agents are more available to help preview and tour properties and they have the necessary and essential time to devote to negotiating your offer. This can not only give you a more pleasant experience but it can also save you money.

Lower Demand = Faster Closings...and Possibly Better Rates!

Since we just talked about how there are fewer people out shopping for homes, this means that there are fewer people requiring financing. The slow down means that everyone is motivated to get your file through the process quickly which can make the lending process much less stressful. Interest rates also tend to drop during the holidays due to the lower demand. This positive competition among lenders can work in your favor with a lower interest rate.

Watch for Part II: Selling a Home During the Holidays

If you're looking to buy a home, you can get Mortgage Assured and enjoy the power to beat out other cash offers with this commitment to lend. »

Photo credit: Flickr

Midwest Equity Mortgage, LLC

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