A lot of people are not that convinced to buy a home in December, honestly, only The Grinch would think that buying a home in December is a good idea. But with that being said there are a lot of reasons why December can be a great time to purchase a home.
- Sellers are more motivated. Sellers who list their home during the holidays are normally on a timeline and is in urgent need for a lot of possible reasons. It could be because of work, wanting to move for school break, or needing to sell their home before the year ends.
- There’s less competition. A lot of houses do sell in December but a lot of buyers may think that buying a home in December may not be such a good idea or a lot of them are taking a break. It’s better to stay at home than house hunt with all those snow right? So overall the number of homes may be lesser but there’s also less competition.
- You can make a better deal. Since sellers are more motivated, you can take advantage of this and purchase the home at a better price. They will be willing to work with you on all terms besides the closing date.
- Rates are low. Mortgage rates have dropped and will continue to do so until the end of the year.
- Advantage on Tax benefits. If you close your home before December 31st, you can take tax deductions for mortgage interest, loan points, and property taxes.
- There is a more flexible schedule. December is indeed a busy month but most people tend to have a more flexible schedule in December. Kids’ activities are suspended, and work schedules are laxer for everyone, from the seller to the home inspector, lenders, and moving companies. Scheduling the transactions will be easier.
December is a more favorable window for buying your first home than some may think. The window may extend to the early 2023 market too so if you have any plans of buying or selling a home, just message me and I will give you my expert insights. Indeed, buying a home in December is a good idea!
