Buying a home during the holidays is not often done, and many would explicitly warn against it. However, some buyers might even find it beneficial to buy at the end of the year. Here are a few reasons why.
Why Buying a House in December is Actually a Good Idea
Reason 1 - You'll have less competition
During the holiday season, fewer people will likely be in the market to buy a house. With fewer buyers, you'll have fewer people to compete with, and that means a greater chance for you to get the house you want and negotiate your way into a great price and overall deal!
Reason 2 - Lower Prices
When fewer buyers are in the market, there is less demand, and that usually means that prices drop. Yes, there will be less supply to go around, but a lower price means more savings. And savings are always good, especially during the holidays!
Reason 3 - It will help your taxes
If you are a first-time homebuyer or only recently bought your first home, you will likely be eligible for a tax credit. The tax credit is equal to 10 percent of the purchase price of a home, up to a $2000 cap. Buying a home before the end of the year means you'll get to save more on your taxes, and that's always a good thing.
Reason 4 - You'll avoid holiday crowds and traffic
Crowds, holiday shopping, and traffic will all be on the rise as more people hit the stores and malls to satisfy that Christmas list of needs. If you buy a home before the end of the year, you'll have time to get settled before the season really starts, and you'll have time to find your holiday shopping spots without all of the traffic!
Reason 5 - You and your family can have a nice holiday
Homeownership, especially during the holidays, is a big decision. You will have to consider your family, you may have to consider other financial decisions, and you'll have to consider your budget. However, homeownership is a rewarding and fulfilling thing. If you choose to start your home-owning experience before the holidays, you may very well have a nice Christmas and a great new home with which to celebrate your new year.
6 - Sellers will want to close quickly
Sellers are in a rush to get into their next home, as they will likely want to find a place before the end of the year and close before the holidays. This may mean that they will be more willing to negotiate, and you can get a better deal.
Buying a home during the holidays is not typically done, but it may be a good idea for you. It will depend on your situation and your needs. If you're willing to take the risk and consider your future, you just might see a big reward and a great end-of-year gift for yourself and your family. By following the guidelines above, you can take advantage of the holiday rush and get a great deal on a new home.
Work with the best local real estate agents at Sold With Presta and get your new home before the holidays! We specialize in residential and commercial real estate, both buying and selling within the Greater Toronto Area