Top 5 Reasons why the Holiday Season is the Best Time to Buy
All of our clients ask “are there going to be multiple offers on this one?” Frankly, the bidding wars wear down buyers, but this time of year as some buyers move to the sideline it opens opportunities for others. The significant reduction in the number of bidding wars can lead to buyers winning more of the things they desire during negotiations.
Both new purchases and the refinance business slows down as people become caught up in the holiday season rather than focusing on financing their home. Also, many buyers move to the sidelines due to the “hectic” holiday schedule and travel associated with celebrations. The fact that appraisers’ time frees up a bit and the paperwork taken off your lender’s plate can often mean a cleaner process and potentially a quicker closing.
There may be some Urgency
Sellers listing around the holidays generally have some motivation to be making a move this time of year, whether it’s relocation, a new addition to the family, or for another reason. This can often make the negotiations easier for all parties and can often lead to a more seamless transaction.
If you’re able to close before December 31, you can deduct your mortgage interest, the property taxes, and other costs associated with home ownership. This is especially important as you will be paying down significant interest early on in the process. Also, you’ll be able to register your home for your city’s Residential Exemption if you are planning on living in the home and your municipality provides an incentive for owners to reside in their property. In Boston, for example, this can lead to almost $2000 in savings annually.
New Year – New Home
We always talk about “starting over” or “starting fresh” for the New Year - whether it’s a resolution or just getting a clean slate. What better way to do this than to move into your new place and work to make it your new home!