Moving to a new home during the holidays can be a headache considering all your seasonal obligations and activities you have to attend to, not to mention the unpleasant weather conditions in several locations. However, there are several positives when it comes to buying a home during the holiday season making the hassle of moving well worth it.
The exact concerns that make holiday moving inconvenient tend to prevent people from searching for homes during that period. Although there may be fewer houses available at this time, there are also lesser number of home buyers and that means decreased competition for any house that meets your needs.
Home sellers do not enjoy moving during the holidays any more than home buyers do. It is most likely that those who are selling their houses during the festive season have high motivations to do so. Maybe they have to relocate for a new job or perhaps their house has been on the market for way too long and they need to have the money from the sale before the year ends. Combine decreased competition with motivated sellers and you have an excellent leverage to obtain a better deal.
Prices of houses have been increasing rapidly and this can be partly attributed to a general shortage in the number of homes in the market today. But, December has always been a month of lower house prices. Although it is not sure that this year will follow the same trend, you should still check out the home prices within your local market if you are looking to buy a home.
All those involved in a real estate transaction during the holidays want to close the deal before the year is out. Buyers would like to settle in their houses and sellers, if they are moving, want to get it all done before the holidays. Lenders also want to include the loan on the books for the current year. Real estate agents, as well as brokers, would like to include their common on their income for the current year as well. Motivated parties need to make the closing process go as seamlessly as possible. However, you need to make sure that you do your part in terms of having all the necessary paperwork in order.
Better Interest Rates
Interest rates are near the all-time low. Although the average rate on a thirty year fixed mortgage has been increasing throughout the year, it is still well below 5%. As of date, interest rates are gradually decreasing as we near the holiday season, after reaching its peak at 4.8% in October. You can use online calculators to check how much you can save over the period of your mortgage with even a slight reduction in interest rates. You might be surprised at the amount you get to save. Keep in mind that your credit score will affect your mortgage rate and even prevent you from qualifying for a mortgage. You need to check your score and credit report.
Decreased activity in the real estate market implies that Myrtle Beach real estate agents are working with fewer clients. They have a lot more time to help you and with decreased sales commission available, they might be a bit more motivated to help you complete your purchase.
Related Seasonal Sales
Do you need a new furniture or perhaps other things for your new house? There are several seasonal clearance sales during this time of the year and you will surely find one that will help you give your new home a personal touch. Just be sure to avoid overspending.
These tips are not always applicable in every market and every year. However, the holidays commonly offer these advantages to potential homebuyers. Know the conditions in your local market and determine if you can find your dream home and get a chance to obtain a great deal during the process.
Call Full Potential Real Estate if you are considering to buy a home during the holidays.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577