Holiday time is here! This is a time of spending time with family, time off of work, going shopping, gifts, food and so much more! Imagine in addition to all of this, buying or selling your home. Typically, most people wait until after the holidays to continue their real estate pursuits, but for the ones that still want to get the job done during the holidays, keep on reading!
Due to the fact that this year has been a huge boom in real estate, it isn’t guaranteed that this will be true, however in past years, this has been the case, and experts are predicting that real estate will experience a dip. This is because people want to just enjoy their holidays. They want to spend time with family and go shopping instead of going out to see homes and negotiating offers with their real estate agents in tow. This is the time of year that people spend the most money on gifts. From black Friday to Christmas coming up, people allocate their funds to that instead and decide to house hunt after New Years.
POTENTIAL FOR NEGOTIATION
With less competition, comes less offers on the seller side, so this benefit caters to the buyer. Since it is predicted to be less offers on homes, the seller may be more open to negotiating. From the price to contract terms, to the closing date, these are all things the seller may be more lenient about negotiating. So play your cards right, get a good real estate agent and you may get yourself a good deal!
END-OF-YEAR TAX BREAKS
This is another plus for buyers. After purchasing your home, you have the opportunity to squeeze in a tax write off. Homeowners can deduct the mortgage interest on primary residences up to $750,000, as well as other deductions such as property taxes and more! For select states, you might also be able to deduct moving expenses! Do your research or reach out to a tax professional for more info.
EXTRA-MOTIVATED BUYERS AND REALTORS
When selling your home, it is great to deal with buyers and realtors that are extra motivated to get the deal closed. Of course, with the market we have been in, we have seen the motivation from these parties, but during the holidays, your realtor has more time to get creative with your marketing efforts, and make that home stand out more.
In addition to there being less buyers, there are also less
sellers. Sellers also tend to take the time off to enjoy the holidays, so buyers are super motivated to find that dream home and move through the process quickly. If you live in warmer area markets such as Florida, homes tend to sell even faster.
MORE TIME FOR HOUSE HUNTING
With multiple breaks from work and school, it frees up more time for people to be able to go out and hunt for homes. This change in availability is a plus for all parties and allows more time to see more properties. The other plus for sellers in this case is that the can put up their beautiful Christmas lights or other holiday decor and provide a nicer curb appeal to potential buyers. Non-US buyers that are visiting may also be able to find time to house hunt as well!
From the tax breaks to the decrease in competition and more, there are so many reasons why shopping for a home during the holidays is a steal! Here at Premium Properties, we have amazing agents ready to help you buy or sell your home year round! Now get out there and buy or sell that home!