December can be a month filled with an onslaught of revelry, holiday parties and last-minute gift shopping, but for most, the hustle and bustle of the holiday season doesn’t normally include shopping for a new home. Adding stress to an already hectic season may not be ideal, but should you put a house on your holiday shopping list? Experts at Desert Schools Federal Credit Union provide five reasons why it could be the best decision you’ve made all year long:
1. Greater home affordability
With home prices typically trending lower in December, you could essentially get more home for less money. Holiday home sellers are more likely to be serious about getting their home sold fast, and this could work to your advantage when trying to save some extra cash.
2. Buying competition drops
During the winter months there are fewer interested homebuyers, which means less buyer competition. The chances of losing your dream home over a multiple offer situation or bidding war are greatly decreased.
3. Highly motivated sellers
Most people would rather be spending time with family than worrying about selling their property, and with November and December being a typically hectic time of the year, sellers are much more inclined to list at fair market value, or even negotiate to slightly below if it means speeding up the process.
4. Tax Advantages
There are undeniable tax benefits that entice first time homebuyers to purchase in the first place. Keep in mind, if you close on your home before December 31, this could mean deductions from mortgage interest, property taxes and sometimes closing costs.
5. Quick Mortgage Approval
Due to less of a demand for homes, the holiday months can be painfully slow for mortgage lenders. This is a great advantage for homebuyers because lenders are more motivated to get loans closed fast.
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The information listed may not reflect the capabilities or practices at Desert Schools Federal Credit Union, but is rather meant to serve as a unbiased advisement and support of the financial health of our community.