Everybody knows the holidays are a great time to spend time with family, but it’s also a great time to purchase some great Mystic CT real estate. While most people believe the big savings are found standing in line outside an electronics store on Black Friday, home buying trends prove some of the best deals you can make during the holidays involve real estate, not 42-inch televisions.
But is it really worth braving the cold weather, limited inventory — and general holiday craziness — to buy a property before the end of the year? The answer, in many cases, is a resounding yes. Many buyers want to buy that home for sale before the holidays so that they have a place to celebrate.
Whether you’re a real estate investor or simply a savvy home buyer, here are five ways to use holiday home buying trends to your advantage and secure a great deal before the apple drops in Times Square.
Things To Consider When Buying A Home During The Holiday Season
1. When it comes to inventory, less is more.
If there’s one truth about the holidays, it’s that Mystic CT real estate is limited during the holiday months. There’s simply less real estate activity — less people selling less homes — during the holidays. But consider this: this popular town of ours has many events planned throughout the holiday season that bring people from all over to Mystic. A house for sale sign in front of your home is a great advertisement!
There are also fewer mortgage lenders, realtors, and inspectors available than usual. But rather than seeing this as a problem, this can be a huge advantage for home buyers during the holidays because of less competition. If you’re able to find a property, there’ll be a lot less buyers which gives you a strong possibility that you’ll negotiate a favorable price that can mean even more savings in your pocket.
2. The power of a motivated seller.
Leverage is the ability to use something to maximum advantage. When it comes to buying Mystic CT real estate during the holidays, there may be no bigger form of leverage than a motivated seller.
If someone is selling a home during the holidays, chances are, they are doing it for a reason.
3. Tax benefits.
This advantage will depend on your particular financial situation and what your tax liability looks like for the current calendar year. But closing on the purchase of a property, in the waning months of a year, can give you very good tax advantages heading into the following year.
4. Lower interest rates.
Buying real estate in the holiday months does not guarantee your purchase will be secured with a lower interest rate. As anybody who follows interest rates knows, they fluctuate and aren’t easily predicted based on the time of year.
However, historically, interest rates tend to be lower during the holidays. So, while lower interest rates aren’t a guarantee when buying a home during the holidays, you can often find favorable financing (and much better real estate deal terms) during the holiday months.
5. Faster closing.
Home sellers aren’t the only motivated folks involved in the home buying process during the holiday months. Lenders, brokers, realtors — even inspectors — are often motivated to get a deal done before the end of the year.
This can bring focus and speed to a process that can take longer in non-holiday months. Most people involved in the home buying transaction have incentives to finalize the deal as soon as possible. Lenders want to close their books, agents want their commission, and sellers want to get into their new home as well.
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