The holidays are a great time to spend time with your loved ones, but did you that they’re also a great time to find affordable real estate? A study conducted by ATTOM Data Solutions found out that buying a home on Dec. 26 can generate savings of up to $2,500. The study evaluated over 18 million condo and single-family home sales from 2013 to 2014.
With that said, don’t wait for the weather to turn before you start looking for a new home. While buying around the holidays can give you some truly great savings, it’s not always the best time to start planning something as important as a move for your family. Start now by looking at areas in which you might be interested and get the ball rolling!
Talk to a Lender
One of the first things you need to do is speak to a lender. This will help you understand what you can realistically afford to spend on a home and can aid you in narrowing down the locations in which you are looking. This step can – and should – be completed before the holidays roll around. If you’re really hoping to move as quickly as possible, make sure that you obtain a financing preapproval, too. This will show sellers you’re serious and make the buying process much quicker.
Be Prepared to Make a Move
It is no secret that the competition in purchasing a property is stiff. Not only will you have to come up with rock-solid financing, but you will also need to go the extra mile by including a personal letter to the homeowner with your offer. This could normally put you at a disadvantage and perhaps drag the house hunting process out, however, during the holidays, most homebuyers often take the month off to attend parties or host events for out-of-town guests. House hunting during the holidays, in other words, can be a great way to find a home you love and improve your chances of closing on it without a bidding war.
Take Advantage of Motivated Sellers
More often than not, people selling properties in December are likely to be motivated to get the deal done as quickly as possible. This means that it is entirely possible to close from 30-45 days. If you’re hoping to find a great deal on a property and move as quickly as possible, make sure that you take advantage of the motivation that sellers often have near the holidays. You’re more likely to secure a great deal and quick close than you might at another time of the year.
Moving in Time for the Holidays
When you close on a property quickly, there’s a chance you could be moved in before the actual holidays begin in earnest. If you begin looking now, for example, and make an offer before Thanksgiving, you could be moved into your new place and ready to host your loved ones for the season’s festivities. It’s a good idea to try and time your move so that you’re settled by the time the end of the year rolls around, at least, so that you can enjoy some time with your loved ones and start the new year off right.
For more information about buying a home during the holidays, reach out to our experienced team today!