The thought of adding a new home to your holiday shopping list might sound a little insane.
Although it might seem like an overwhelming time to add the biggest transaction of your life into the shopping, parties and celebratory mix, there are actually a lot of perks to buying a home over the holidays.
If you are searching for a new home this holiday season, there are plenty of reasons not to put your home hunt on hold until the new year. Here are a few of those reasons why buying a home during the holiday season might not be so bad after all.
There is less competition
Even though there are a lot of benefits to home shopping during the holiday season, it is also true that a lot of buyers sit the season out or wait until spring to start their search. Some people take the month off to host guests, travel to visit friends or family, attend parties and enjoy the festive season. Others are deterred by the potential for inclement weather.
If you’ve acquiesced to the idea of skipping the parties, and are open to the possibility of donning your snow gear on showing day, you might be glad you did when you’re all moved in while most people are just beginning.
Sellers are motivated
If you’re home shopping during the busy holiday season, chances are you are pretty motivated to find the perfect home. Similarly, holiday sellers tend to be some of the most motivated. People moving due to job transfers or major life events may be more likely to sell their home around the holidays. These motivated sellers are often more open to negotiation and possibly, greater value on your dollar.
There could be tax benefits
There are numerous tax perks to home ownership, from deducting mortgage interest (on mortgages up to $500,000) to property taxes (up to $10,000). Some states also have tax exemptions, so closing before December 31 can be advantageous.
Check with your accountant to find out if any of your closing costs are tax-deductible if you itemize on your taxes come April.
Holiday sales are upon us
Although maybe not a reason to consider buying a home, the holiday and end-of-year sales make December a perfect time to be furnishing a new home. If you are buying a larger home and need to fill it with furniture, or maybe you’re a first-time home buyer outfitting your first “adult” kitchen, you can find some incredible savings during the holiday season.