Why You Should House Hunt During the Holidays
The cat’s out of the bag: Black Friday isn’t just for Mall shoppers anymore. In November 2018, ATTOM Data Solutions released a study on the top ten best days to close on a house from the standpoint of saving you, the buyer, money. Seven of those top 10 days fell in the month of December.
Read on to find out why you should house hunt during the holidays.
On average, buyers who shop for houses while everyone else is shopping for holiday gifts save as much as $2,500 than those who buy houses during warmer months. Essentially, the buyer volume significantly decreases between Thanksgiving and New Year’s Day.
Sellers are more motivated to sell and are more likely to entertain a variety of offers.
The ability to negotiate a lower price is not the only good reason to buy during the holidays. January is typically a month when the Federal Reserve spikes mortgage rates. These rate hikes increase the overall price of your dream home, potentially putting it out of reach.
Overall, the general spirit of goodwill that occurs during the holidays can really benefit a buyer. Sellers are more likely to negotiate closing dates, the coverage of a home warranty, or even the acceptance of a smaller amount of earnest money. These are all things that they may be less likely to accommodate during busier selling seasons when more buyers are present.
Take advantage of this time of year when fewer people are focusing on making real estate transactions. The smaller pool of buyers can seriously bend in your favor! If you find that dream house at a time when inventory is becoming harder and harder to come by, don’t let the fact that it’s a busy holiday season deter you from making that offer!
For the full analysis on ATTOM’s report, click here!