“There’s no place like home for the holidays,” croons Bing Crosby every holiday season. Some buyers feel there is nothing like a NEW home for the holidays, though. Purchasing real estate at this hectic and frigid time of year seems ludicrous to many people, but other savvy shoppers know that this is actually a fantastic time to snap up great housing bargains. Here are a few reasons to ask Santa for a new home this holiday season.
Low Interest Rates: Interest rates are at an all-time low right now. Historically, they dip even lower in December and January to encourage Americans to spend and splurge, which is an obvious boon to the economy that can carry many retailers the whole year through if they are lucky.
Less Competition: Few things are worse than entering into a bidding war over a house you’ve got your heart set on. Equally frustrating is when you do your homework and make a list of homes you’d like to see over the weekend – only to find that they’re gone before you can get there. Such is the case in high-demand neighborhoods near ample amenities and excellent school districts. Also, less competition also means more individual attention from your real estate agent.
Great Terms: Mortgage lenders see a slowdown this time of year, so they’re more motivated to offer you a little gift for the holiday. They want to finish with dynamic numbers and get as many loans on the book as possible and lavish their kids with Christmas presents too!
Motivated Sellers: Home sellers are extremely motivated to sell fast so they can get into their new home and get established before the hustle and bustle of the holidays. It can be difficult to schedule multiple home showings when there is so much to do to prepare for the holidays. Many sellers drastically reduce the asking price once their homes made it through the busy summer and fall seasons without selling.
Tax Deductions: If you close on your new home before December 31, you can deduct any mortgage interest and closing costs paid from your taxable income for the year. It’s rumored that the federal government is working on some major tax overhauls, so it’s best to cash-in on these lucrative deductions before they disappear!
Moving Deals: Of course, you’ll need a big old moving truck and helping hands during your move. This is a typically slow time of year for movers, so they are usually offering holiday specials and other incentives to move sooner, rather than later.
More Room To Enjoy Your Holidays: Are you hosting Christmas dinner? If so, then wouldn’t it be nice to show off your new dining room or cook out of a new high-end oven? Maybe you’ve put off having everyone over for the holidays because you really didn’t have the room before. Now you can expand your living space and have more room for presents, dinners and holiday festivities. Wouldn’t that be grand?