Christmas is right around the corner. Time to prepare those Christmas gift lists! To quote one of the lines from one of my favorite TV Christmas specials, Rudolph the Red Nose Reindeer:
A scooter for Jimmy
A dolly for Sue
The kind that will even say, “How do you do?”
When Christmas Day is here
The most wonderful day of the year.
Is it time to put a house on the holiday Christmas gift list?
Turkeys and tinsel, dreidels and pumpkin pie. Yes, friends, the holidays are here again, and it’s the perfect time for … house hunting? OK, we know you’re busy enough planning family feasts and much-needed vacations while dealing with blustery weather, but hear us out. While it might seem counterintuitive to put a big-ticket item like a home on your holiday shopping list, it really does make sense.
Don’t believe us? Check out these surprisingly smart reasons to let everyone else hit the mall to buy half-off sweaters while you make the purchase of a lifetime: a new house to ring in the New Year.
Reason #1: Less Competition
There’s typically less competition during the offseason, which means buyers can get more bang for their buck. About 40 percent of homes on average are sold in May, June, July, and August, according to The Housing Wire. The four months with the lightest sales are November through February, which means less competition as well.
Research from Zillow shows that those who buy a home during the peak selling point usually pay an average premium of $1,500, but those who purchase homes in, say, December paid $3,100 less than average.
Reason #2: Sellers are serious (or worn out)
Whether a house has been on the market for months or the “for sale” sign has recently appeared in the yard, sellers tend to be serious during the offseason. They are usually ready to make a deal, which means that buyers have more room for negotiation and throwing out a lower offer.
Most sellers have a compelling reason for putting their house on the market during the holidays. (Let’s face it: It’s no holiday party for them to have strangers wandering through their house.) They might be facing a relocation and want to get their kids settled before the new term. Or they might just be feeling some stress if they listed their home in the fall and it’s still languishing post–Turkey Day, making them just a little more desperate and anxious to deal
Topic #3: Tax Advantages
Yes, I said it! Taxes. Right after the holiday season comes Tax Season! In case you weren’t aware, buying before January 1 can help you save in April and beyond. Homeownership can bring numerous tax perks, from deducting mortgage interest to property taxes.
Also, many closing fees are tax-deductible if you itemize—although you should always double-check with your accountant about any tax questions.
Reason #4: You might become the center of attention
• During the warmer months, real estate agents, mortgage lenders, title companies and other professionals tend to be swamped, which means that clients might not always get the attention they need or want.
• Once the summertime sales are made, buyers may receive more attention from the experts and experience fewer delays and service issues.
Reason #5: You can catch some great sales
Need new furniture or other items for your new home? Plenty of seasonal clearance sales will be available to help you apply a personal touch – but be careful not to spend yourself into unrecoverable debt.
Obviously, you should never rush into a major purchase just to save a couple of dollars; and please remember to make any large purchases AFTER you close on your home.
About Log Pond Realty
Home is where your story begins. A home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.
We can be reached via email at email@example.com or by phone at 919.589.3576.
We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.