The pros and cons of buying and selling a home during the holidays

Nov 22, 2021 | Gateway Blog, Real Estate

As the holiday season draws near, most people’s thoughts center on parties and good food. Not many think of buying or selling their home. But there are some advantages to doing so. Of course, there are disadvantages as well. Here is what you need to know if considering buying or selling a home during the holiday season.

Pros of buying a home during the holidays

The end of the year could be the best time to purchase a home because many builders are closing books and ready to negotiate. Fewer buyers are looking for homes, so you won’t have to worry about high competition. The lack of demand also drives prices down, making homes more affordable during this time.

Additionally, the holiday season is a great time to buy a foreclosed home. Banks want to close their books before the end of their fiscal year, which makes them more apt to make speedy deals at lower prices.

Cons of buying a home during the holidays

Due to the low number of sellers this time of year, there is a minimal selection of houses. This might mean compromises on your must-have list. It could take longer to close the deal because inspectors, agents, mortgage lenders and other service providers will likely be out of office.

Tip: To avoid unexpected outcomes that could cost you more money in the long run, inspect the landscaping and the home exterior while house hunting. Flood-prone areas are not readily evident during this time of year.

Pros of selling a home during the holidays

When you put a house on the market during the holiday season, you might be able to sell it without making major improvements. This is because there is less competition from other sellers. Determined buyers are likely to purchase any available home even in a less-than-perfect state.

During the holiday season, most buyers have time off from their busy work schedules. More time to look for homes sometimes increases the availability of buyers, meaning you might sell the home faster than at any other time.

Cons of selling a home during the holidays

Many sellers are rushing to sell their homes to the next willing buyer because of tax deduction purposes or relocation, among other reasons. With less demand from buyers, a seller might need to sell the home at a lower price.

The bottom line

Buying or selling a home during the holiday season is possible. This might actually be the right time for you, if you know what to expect. Let us help you navigate this tricky season. Contact us today!

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