The holidays are a busy time of year, but if you’re in the market for a new home, it’s a great time to buy. Prices are typically lower during the holidays, and there’s less competition from other buyers. But because of the extra hustle and bustle at this time of year, it’s important to remember some essential tips when shopping for a home during the holiday season. Follow these tips to help you score a great deal on your dream home.
Getting pre-approved for a mortgage before beginning your search will save you time and hassle. This step will also let you know exactly how much house you can afford, helping narrow your list of potential homes. Most importantly, a pre-approval letter can give you an edge over other buyers when making an offer.
During the holiday season, lenders may be busier than usual. People may find it harder to get mortgages approved quickly, so plan ahead and get pre-approved as soon as possible. Give yourself plenty of time by starting the process early. A good rule of thumb is to begin the process no later than eight weeks before you plan to buy a home. This will give you ample time to get everything in order before the holidays arrive.
Don’t Let the Decorations Distract you
When touring a home during the holidays, it’s easy to get distracted by all of the decorations and festive atmosphere. But don’t let this take away from the primary goal of your visit: to determine if the home is a good fit for you and your family.
Take time to look beyond the decorations and focus on the home’s essential features, such as its layout, condition, and any major repairs that may be needed. This will help you decide if the house is a good fit before making an offer. Some buyers even choose to make offers on holiday-decorated homes, as the sellers may be more willing to negotiate. You’ll need to remember to factor in the cost of any decorations or repairs before signing on the dotted line.
Get Knowledgeable about the Real Estate Market
You want to ensure you’re getting the best deal possible on your new home, so it’s essential to do some research before starting the house-hunting process. Brush up on local real estate market trends, average home prices in the area, and any taxes or fees that may apply to your purchase. This will help you determine a fair offer price when it comes time to make an offer.
Work with a knowledgeable real estate agent who can answer any questions and provide expert advice on the various properties you’re considering. An experienced agent can also help you find the best deals and negotiate an excellent price for your home. But because the holidays are a busy time of year, start the process early, so you don’t miss out on any great opportunities.
Be Flexible with your Timing
If you’re willing to close before the end of the year, you may be able to get a better price from the seller. Many sellers want to close on a sale before the end of the year for tax purposes, so they may be willing to negotiate a lower price if you can meet their timeline. Ask your real estate agent to help you determine if the seller is open to this idea.
But if you’re not in a rush, you may still find great deals during the holidays. To get the best bang for your buck, look for homes slightly out of your price range or in an area you hadn’t considered initially. You may be able to find a great deal on a home that you hadn’t considered otherwise.
Get a Professional Home Inspection
Just because it’s the holidays doesn’t mean you should skip the home inspection. A professional inspector can look for any potential issues that may not immediately be apparent during the tour. This is especially important when buying a home that may have been neglected or hadn’t been updated in years.
Getting an inspection can also give you leverage to negotiate a lower price if any major issues are found. Be sure to factor in the cost of any repairs or renovations needed when making an offer. You may also consider getting a pest inspection if your area is prone to infestations.
Buying a house during the holiday season can be an excellent opportunity to get a great deal on your dream home. Make sure you give yourself plenty of time to research the market, tour potential homes, and obtain any necessary inspections. Working with an experienced real estate agent can also help you negotiate the best price, so be sure to start the process early. With a little planning and some patience, you can find your perfect home this holiday season. Happy house hunting!
Ayesha completed her Doctor of Philosophy in Biochemistry and started her career as a College Lecturer in 2013. Today, she’s a happy mom of 2 Kids in the field of digital marketing. She loves reading books, spending time with her family, and making delicious food for her husband.
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