Whether you are the holiday party-goer who is hosting 3 Friendsgiving’s this year or the homebody who prefers a quieter holiday season, there can be several advantages to considering utilizing the Holidays as a time to make steps towards buying a house. We are here to break down all the pros and cons of jumping into the real estate market during this special time of year.
So, Why Should Think About Buying a House During the Holidays?
Let’s take a moment and think about your future self. Statistics show that most home buyers are starting their searches in the spring and summer months. This means that if you choose to do the same, there is a high likelihood that you will be competing against a larger pool of prospective buyers. You may find yourself rushing to compete and offer on your ideal home, instead of being settled and starting to plan your spring garden, home improvement projects, etc. When purchasing a home during the holidays, buyers are rarely are up against several other offers or stuck in a bidding war. While the inventory tends to be lower during this time, buyers may still find that they can use this as an advantage since the demand is much lower, as well.
The pros of buying a house during the holidays:
- Less competition with other buyers, which gives you more negotiating power
- Lower prices (Sellers tend to be more desperate during this time!)
- Take advantage of the tax deduction for the current year
- More time for house hunting and no rush to make an offer right away
- Industry professionals may be more available to help than other times of the year
- Sellers are motivated and with less buyers looking (and holiday festivities to plan for), they might be more motivated to speed up the closing process and concede on offer price or terms.
Why Shouldn’t I Buy a Home During the Holidays?
If you are looking for a house with exact specifications and a strict closing time frame, the holidays may be a challenging time to buy a house for you. This is a time when flexibility and patience may be necessary, as everyone seeks to accommodate the holidays and availability to tour homes can be more limited.
The cons of buying a house during the holidays:
- Less inventory to choose from
- Possible scheduling challenges with inspectors, contractors, etc. due to holiday plans. (With proper planning, we can avoid this!)
- Moving during the holidays can be a challenge (both for scheduling and weather)
All in all, we believe that if you have the availability and motivation, buying a home during the holidays can be an incredible time. If you are one of the few people willing to consider moving during this time, your chances of walking away with a house you love at a great price, are extremely high.
Do not hesitate to reach out if you have any questions, or if you want to schedule a tour in the Spokane area (or need a referral for an agent in your city!). We are always here to help.