How to House Hunt During the Holidays
Keep these details in mind as you scope out your dream home during the most wonderful time of the year.
Buying a home during the holidays is cloaked in myth and confusion. Is it a good idea? A hopeless case? A time to land cheap deals? Unfortunately, the answer to all these questions is yes - there are significant pros and cons to house hunting during the holidays. If you decide to go for it, keep a few key points in mind.
Inventory and Urgency
House hunting during the holidays is a double-edged sword because, while inventory is generally lower than it is during the rest of the year, prices can still be more favorable for buyers. Many people are hesitant to deal with the stress and back-and-forth of staging their homes for viewing while also preparing for holiday travel, hosting, or even just decorating and enjoying the time with family. The hectic nature of the season drives inventory down and makes your pickings a bit slim as a buyer.
On the other hand, if people are listing their home during the holidays despite the extra stress and challenges that poses, they’re likely doing so for a reason. Maybe they need to move for a job, or have found their dream home in their new destination and need to close on their old house in order to afford the down payment. Whatever the reason, sellers are more likely to price their homes to sell quickly, which means you could be looking at some great deals. If you’re ready to compete and stay flexible on timing, buying a house during the holidays can be a lucrative option.
Daylight and Weather
December’s daylight hours are short. For many, by the time you get out of work, the sun has already set. The darkness makes it much more difficult to get a feel for a home and a neighborhood. You won’t be able to see the views and you might not get a good look at surrounding homes to take stock of their condition.
Depending on area, inclement weather can also get in the way of your new home search. Aside from the snow masking yard features and landscaping conditions, it can really throw off house hunting plans. If it’s tough to do much driving in the snow or your realtor can’t get out of their unplowed neighborhood, you might miss out on some precious home touring days. At the same time, checking out homes a few days after it’s snowed can give you some insight into how much sun the yard and driveway get and how much ice you could be dealing with should you choose to buy.
Taxes
Taxes are always a consideration when purchasing a home, and when you’re right on the cusp of a new year it’s important to consider how your closing date will impact your overall finances. If you’re expecting a large raise next year and could use that homebuyer tax break in future taxes, push for an early-January closing date. On the other hand, if tax credit in the current year would help you out the most, search for sellers who are more anxious to close.
Key Dates
The holiday season is chock full of bank holidays, so the pacing for appraisal, inspection, and all disclosures likely looks different than it would at any other time of year. You may be left with awkward timing and long gaps between steps, which is important to be aware of as you enter into a contract and set a closing date.
Overall, there is no wrong time of the year to buy or sell a home. Keeping a few nuances in mind and preparing to compete will give you the upper-hand in holiday house hunting.
With Atmos, the home building process is simple and streamlined. Customize your dream home and skip the competition for a seamless homebuying process.
