Best Holiday Gift Ever – A New House!
Crazy as this may sound, there are several benefits in buying a house now if you’ve already been pre-approved for a mortgage and know how much you can afford. Here are a few top reasons for consideration:
1. The holiday season is when the real estate market, like other businesses, tends to slow down. Industry reports indicate that December is the month with the lowest home prices and lowest inventory. But this is to your advantage if you’re eager to buy.
2. When real estate markets slow down, so do mortgages. If you’re pre-qualified and there’s not a lot of other buyers in the queue, the process moves much faster.
3. Sellers with their homes on the market in December are serious about moving their property before the end of the year - for tax purposes or other reasons - so are more likely to negotiate a favorable deal quickly. With fewer buyers competing for the same property, there’s the added bonus of potentially avoiding bidding wars.
4. Keep your new home “wish list” with you at all times. Make sure it includes “must-haves” and “nice options” that you’re seeking for easy reference throughout your house hunting process.
If you’re lucky, you’ll be “wrapping up” this holiday season instead of unwrapping.
Happy Holidays and happy house hunting.
Donahue & Maley Team