5 home buying tips for ‘Holiday Season’

5 home buying tips for ‘Holiday Season’
The activity which we see in the real estate market currently is the testimony of how strong the demand is for homes even in the pandemic. The competition is tremendous for the buyers due to high demand and record low inventory. But the Holiday season will provide a slight benefit for the buyers who are active in the market due to lesser competition. With sellers the benefit may not be as big due to less-negotiability of prices; strong seller market is the reason.

Real-estate agents are more accessible Realtors have fewer clients due to a small decrease in buyers-as a result agents can spend more time and effort than usual addressing your needs. In case of any specificity with regards to your deal, they can work on it also. More time on their hands mean better opportunity for speeding up the closing process. If the closing is done earlier than the last date of the tax year, the new owners get benefitted by reduction in income taxes.

Rental houses present a distinctive opportunity For the reasons pertaining to taxes, an in-hand contract is something a landlord will always want to have. The landlords in general would prefer to take deductions this year only if their rental property incurred a loss. But the high competition is something which must be taken into consideration.

Further lowering of interest rates is not expected The rates of interest have hit a record low, but there is no guarantee that such a trend will stay even after the advent of the next year. Changes in your rates of interest will mean changes in your monthly payment. So waiting for spring time can lead to either a small difference in your monthly payment or make the difference between the possibility of approval and disapproval of your mortgage.

For buyers patience is their best friend Despite the fact that most of the realtors have more time at their disposal, but some others are occupied. Another factor which must be taken into consideration is that many people will be not be available during holidays. So your patience will prove to be a valuable virtue here.

Don’t wait for spring Pandemic has caused the situation to get worse this year; home buyers are not unaffected either. It will be risky to wait for winters anticipating that things will be better. The possibility of more buyer competition, lower inventories and higher rates of interest will make it more difficult for landing a deal.

These tips which have been mentioned above are specifically for this year as the pandemic situation has changed the market. Go ahead with your offer if you find a desirable home even in this holiday season and leave that address for Santa!!