With the year passing at a faster pace, it can be bit challenging for the homebuyers to make a right decision for- ‘When to buy a home?’
As per the Federal Reserve data, the most home sales take place in June, July and August. It clearly states that summer season is the peak time. However, winter is considered on the least priority. Certainly, the stats touch the bottom of the yearly real-estate market in December as people find it less pleasant to shop for homes. It can be due to bad weather, treacherous roads or early darkness that a less number of buyers step out to hunt for a new abode.
But that doesn’t mean you cannot find a good deal in so called, ‘worst month’ of real estate. In fact, chances are that you’ll be able to buy at discounted prices as compared to the peak home-shopping months.
Not sure about buying a home in December? Then you must check on these reasons before coming to any conclusion;
The seller you meet in December, are usually selling their home for a specific reason. From job relocation, personal change of circumstance to financial hardship, the reason can vary. But regardless of this, the ‘worst month’ brings forth the opportunity to negotiate and ask for lower listing prices and a flexible closing date.
Another good reason to purchase a home in end of the year is that you can save on taxes. For instance, if you close it by December 31, you simply cut down in the mortgage interest, property taxes, interest costs, and much more. With these deductions it will be easy to save of a reasonably good amount of money.
A realistic look of the property
The major benefit of winter home-shopping is that it helps you see property in a clearer mode. How? While the flowers are gone, you will be able to focus more on the permanent features of the home. During winter shopping, the home will be under the stress of winds, snow, lower temperatures, and rain. Thus, how it appears will be the real look of the property.
Plus, don’t forget to check for things like;
- Whether the window seals seem tight?
- How well the furnace is working?
- Is the home insulated?
As stated, the last month of the year is believed to be frantic one; there can be good chances of bargaining for the lower price. Moreover, there will be fewer buyers in the marketplace. Hence, the chance of bidding wars, multiple offers, and escalator clauses, reduces significantly.
The good thing is that you will not have to wait for the Saturday or Sunday to plan house showings. With less number of sale and purchases going on the real estate market, in December, you have opportunity to get showings adjusted as per your schedule.
So, it is pretty clear that good deals are still available in winters. Don’t follow any unnecessary myths. As these might stop you from getting a better and lucrative deal!